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Consider the following demand function and supply function in a good market;: Jd = 40 5p s =2p9 (a) Find the equilibrium price and equilibrium

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Consider the following demand function and supply function in a good market;: Jd = 40 5p s =2p9 (a) Find the equilibrium price and equilibrium quantity. (b) Invert the demand function and the supply function. Calculate the consumer surplus and producer surplus. Then, find the total welfare. (c) Suppose that price ceiling has been imposed to p = 5. Find the consumer surplus, producer surplus, and total welfare with this price ceiling. (d) Find the deadweight loss (DWL) from this price ceiling. (e) Suppose that the government has decided to remove the price ceiling and impose a per unit tax of $2.00 on every unit of good that consumers buy. Find the price that is received by the supplier and the price a consumer pays. (f) Calculate the tax revenue and deadweight loss from this tax. (g) Based on your asnwers above, which scenario is better for society as a whole? Tax or price ceiling? Explain the reason

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