1. Consider the market for hotdogs in Kamloops, where P = 10 - 0.5Qd & P = 1 + 0.5Qs, where Q is one thousand hotdogs.
   1. Graph supply & demand, and illustrate P* & Q*. (2 marks)
   2. Calculate consumer surplus. (2 marks)
   3. Calculate producer surplus. (2 marks)
   4. Calculate total surplus. (1 mark)
   5. Suppose a tax of $1 per hotdog is imposed on hotdogs in BC. Illustrate this tax on a new graph, illustrating the change in P* & Q*. (2 marks)
   6. Calculate the new consumer surplus. (2 marks)
   7. Calculate the new producer surplus. (2 marks)
   8. Calculate the deadweight loss due to the tax and illustrate it in the graph in Part E. (3 marks)
   9. Calculate the government tax revenue from the tax. (2 marks)