Please no written by hand Question 1The market demand and supply functions for whisky are:QD = 220015P²Qs = 5P² + 200,where quantities are measured in bottles and prices are measured in dollars per bottle.(a) Calculate the equilibrium quantity and price.(b) Suppose that a new tax on whisky of $5 per bottle is introduced. What is the new equilibriumquantity? What is the price paid by consumers? What is the price received by sellers?(c) Calculate the revenues collected by the government with this tax.(d) Represent graphically the deadweight loss generated by this tax. Indicate the coordinates ofthe points that define this area.(e) In the same graph, indicate (i) the producers' surplus and the consumers' surplus before andafter the tax, and (ii) the revenues of the government, showing the corresponding transfersof surplus from producers and transfers of surplus from consumers.

Market Equilibrium: Market equilibrium is a situation where the QD is equal to the QS at the given…

Answered: Qs = 5P² + 200 in bottles and prices…

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Qs = 5P² + 200 in bottles and prices are r

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Step 1: Define market euilibrium.

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Step 2: Calculate equilibrium quantity and price.

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Step 3: When new tax $5 per bottle impose. Find equilibrium quantity, price, and what price the seller get.

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Step 4: Total revenue collected by government

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Step 5: Dead weight loss

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Step 6: Consumer and Producer surplus

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