1) Suppose the supply and demand equations in a market are as follows. QS=2PQD=300P a. Find the equilibrium price and quantity, and show it on the graph. b. How much is the producer surplus? How much is the consumer surplus? c. imposes a new tax that consumers have to pay, which we denote by T. Let the aftertax demand equation be: QD=300(P+T) Calculate the new equilibrium amount. What is the price per unit that consumers effectively pay? What is the price per unit that goes into manufacturers' pockets? d. Total amount of tax paid TxQ, (ie Tax x Quantity Sold). Calculate the total amount of tax collected using your answers in part (c). e. Calculate the tare loss (deadweight loss). f. If the tax was $75 per unit (T=$75), what would be the cost, equilibrium amount, total tax collection and loss of tare reflected to the consumer and producer? g. Bonus 1: How would the answer to part (c) change if the government applied a proportional tax instead of a flat tax on consumption? For this question, change the tax amount in the demand function to T=0.75P and show the new equilibrium price and amount on the graph. h. Bonus 2: Based on what you've learned so far, would you prefer flat taxes or proportional taxes? 1) Suppose the supply and demand equations in a market are as follows. QS=2PQD=300P a. Find the equilibrium price and quantity, and show it on the graph. b. How much is the producer surplus? How much is the consumer surplus? c. imposes a new tax that consumers have to pay, which we denote by T. Let the aftertax demand equation be: QD=300(P+T) Calculate the new equilibrium amount. What is the price per unit that consumers effectively pay? What is the price per unit that goes into manufacturers' pockets? d. Total amount of tax paid TxQ, (ie Tax x Quantity Sold). Calculate the total amount of tax collected using your answers in part (c). e. Calculate the tare loss (deadweight loss). f. If the tax was $75 per unit (T=$75), what would be the cost, equilibrium amount, total tax collection and loss of tare reflected to the consumer and producer? g. Bonus 1: How would the answer to part (c) change if the government applied a proportional tax instead of a flat tax on consumption? For this question, change the tax amount in the demand function to T=0.75P and show the new equilibrium price and amount on the graph. h. Bonus 2: Based on what you've learned so far, would you prefer flat taxes or proportional taxes