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(5) In the market for pork, in the absence of any tax, the price per kilogram is $3.30 and the equilibrium quantity produced and consumed

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(5) In the market for pork, in the absence of any tax, the price per kilogram is $3.30 and the equilibrium quantity produced and consumed annually is 220 million kilograms. After the imposition of a per kilogram tax of $1.05, annual pork production and consumption drops to 206 million kilograms and the per kilogram price to the consumer rises to $4.00/kilogram. (a) On an assumption that the demand and supply for pork are both linear, estimate the relationships between the per kilogram price of pork and yearly quantities demanded and supplied. That is, generate algebraic representations of both the demand and supply curves. Show your work clearly. (b) Use the information above to estimate the point price elasticities of both supply and demand at the pre-tax market equilibrium. Show your work clearly. (c) What are the values of the annual consumer surplus generated by the market for pork both before and after the imposition of the tax? Show your work clearly

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