Assume the government taxes packs of cigarettes both to discourage cigarette smoking and to raise tax revenue. The average excise tax on a pack of cigarettes is $1.50 per pack. The table below presents the annual demand and supply schedules, In billions of packs, both before and after the tax on packs of cigarettes. Market for Cigarettes Quantity of Quantity of Quantity of Cigarettes Cigarettes Cigarettes Demanded Supplied Supplied with Price (dollars (billions of (billions of Tax (billions per pack) packs) packs) of packs) $10.06 9 64 49 9.75 11.5 61.5 46.5 9.50 14 9. 25 16.5 9.00 19 8.75 21.5 8.50 24 8. 25 8.ee 7.75 7 .50 7 .25 7.ee 6.75 6. 50 6. 25 5.75 5. 50 5 .25 5.09 4.75 4.56 Instructions: Round your answers for quantity to one decimal place and your answers for price to two decimal places. a. If there is no excise tax on cigarettes, what are the equilibrium quantity and price per pack of cigarettes? Q= billion packs P=$ per pack b. If there is a $1.50 excise tax per pack on cigarettes, what are the equilibrium quantity and price per pack of cigarettes? Q= billion packs P=$ per pack c. How much tax revenue does the $1.50 per pack excise tax on cigarettes generate each year? Instructions: Round your answer to one decimal place. $ billion d. By how many packs of cigarettes does the quantity demanded decrease per year due to the excise tax on cigarettes? 7 billion packs e. By how much did the price paid by consumers change due to the tax on cigarettes? $ per pack