Consider the market for baseball bats:

Demand: P=96-3Q

Supply: P=5Q

1. Equilibrium: Price? ___________

1. Equilibrium Quantity? ___________

1. Elasticity of Demand at Equilibrium? _____________

1. Consumer Surplus?_______________

Producer Surplus? __________________

Consider the same market for base bats, but with a $16 tax now applied: 6. What is the new Price that consumers see? __________ 7. What is the new Price that suppliers receive? ____________ 8. What is the new quantity sold/produced? ____________ 9. Consumer Surplus after tax? ________________

10. Producer Surplus after tax? ________________ 11. Government Revenue? __________ 12. Dead Weight Loss after the tax is imposed? ______________