Consider the market depicted in the second graphic below.

3. The consumer surplus at equilibrium is _____________ dollars.

4.The producer surplus at equilibrium is ___________ dollars.

5. For the supply and demand curves shown, suppose a tax of $15/ lbs is levied on sellers. The new market-clearing price is _______________ dollars per unit?

6. The new equilibrium quantity is _______________ ?

7.The government raises ___________dollars in revenue from this tax?

8.The fraction (or share) of the burden of this tax is borne by buyers is __________? Please report as a decimal number, e.g., .55, and round to the 2nddecimal point.

9. The share of the burden of this tax is borne by the sellers is __________?Please report as a decimal number, e.g., .55, and round to the 2nddecimal point.

Remark 1: To compute 'shares' we want to find what producers' receive after the tax is imposed (that is:[old price - (new price - tax)]/tax).Likewise, the buyer's share is [new price - old price]/tax.