Consider the market for electric fans, with Supply and Demand given by the following: Supply: Q = 2p Demand: Q = 180 -p 8. What is the free-market price (p*) and Quantity (Q*)? [1 point] 9. What is the Consumer Surplus (CS) and Producer Surplus (PS) in the free-market equilibrium? [2 points] Suppose that the government wanted to decrease the quantity of electric fans sold in the market to 80 units. 10. What tax would the government need to impose to decrease the Quantity sold to 80 units. [2 points] Suppose now that the government imposes a $30 tax per unit on electric fan sellers instead. 11. What is the new Quantity sold with a tax of $30 per unit? [2 points] 12. What is the Buyer's Incidence (BI) and Seller's Incidence (SI) of this tax? [2 points] 13. What is the Revenue and the Deadweight Loss (DWL) generated by this tax? [2 points] Finally, suppose that the government has a change of opinion on electric fans, and instead wants to encourage and increase their sale. The government imposes a $45 subsidy per unit in consumers to encourage them to buy electric fans. 14. What is the Buyer's Incidence (BI) and Seller's Incidence (SI) of this subsidy? [3 points] 15. What is the Consumer Surplus (CS), Producer Surplus (PS), Subsidy Cost, and Deadweight Loss (DWL) with this subsidy in place? [4 points]