All questions need answering for the second question (the picture without the graph) . Old Equilibrium is on the page with graph Consumer and Producer surplusStaxP$100$70$50$45$X$5D4060Assume an excise tax that has caused a decrease in Supply as shown on the graph above Show allwork.а.How much is the tax per- unitb. How much is the value of X (intercept of the green line). How do you describe what that valueis?C.How much is the consumer surplus before the tax?d. How much is producer surplus before the tax?е.How much is the consumer surplus after the tax?f.How much is producer surplus after the tax?g.How much is the deadweight loss as a result of the tax Assume the old equilibrium before tax remains the same, but now assume the new equilibrium priceis $75 and new equilibrium quantity after tax is 30. Redo the question.a. How much is the tax per- unitb. How much is the value of X (intercept of the green line). How do you describe what that valueis?c.How much is the consumer surplus before the tax?d. How much is producer surplus before the tax?e. How much is the consumer surplus after the tax?f.How much is producer surplus after the tax?g.How much is the deadweight loss as a result of the taxh. Draw the Demand and Supply for question 2, and shade the deadweight loss area. Label all thenumbers. (old and new equilibrium and intercepts)

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Consumer and Producer surplus Stax P $100 $70 $50 $45 $X $5 40 60 Q Assume an excise tax that has caused a decrease in Supply as shown on the graph above Sho work. a. How much is the tax per- unit b. How much is the value of X (intercept of the green line). How do you describe what th is? c. How much is the consumer surplus before the tax?

Consumer and Producer surplus Stax P $100 $70 $50 $45 $X $5 40 60 Q Assume an excise tax that has caused a decrease in Supply as shown on the graph above Sho work. a. How much is the tax per- unit b. How much is the value of X (intercept of the green line). How do you describe what th is? c. How much is the consumer surplus before the tax?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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