Solve q17 and q18 Given below are the demand and supply equations as well as a graphical representation of themarket for tires. Use the information to answer the following questions:Demand: P = 44 -0.4QSupply: P = 8 + 0.2Q484440363228242016128Price10 20 30 40 50 60 70 80 90 100 110 Ory16. Calculate consumer surplus, producer surplus and total surplus at equilibrium.17. Suppose a tax of $6 is imposed on sellers.(a) Calculate consumer surplus, producer surplus, total surplus and deadweight loss whena $6 tax is imposed on sellers.(b) How much is tax revenue?(c) Is the tax burden more on the buyers or the sellers?18. What happens to tax revenue and deadweight loss when government increases tax rate from$12 to $24?

Demand and supply forces determine the price and output level of the market. Equilibrium through…

17. Suppose a tax of $6 is imposed on sellers. (a) Calculate consumer surplus, producer surplus, total surplus and deadweight loss when a $6 tax is imposed on sellers. (b) How much is tax revenue? (c) Is the tax burden more on the buyers or the sellers? 18. What happens to tax revenue and deadweight loss when government increases tax rate from $12 to $24?

17. Suppose a tax of $6 is imposed on sellers. (a) Calculate consumer surplus, producer surplus, total surplus and deadweight loss when a $6 tax is imposed on sellers. (b) How much is tax revenue? (c) Is the tax burden more on the buyers or the sellers? 18. What happens to tax revenue and deadweight loss when government increases tax rate from $12 to $24?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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