Consider the market for soccer balls shown in the graph below. The market is initially in equilibrium at a price of $28 and a quantity of 70.

Market for soccer balls (text description

Actions

)

What is the value of producer surplus when this market is in equilibrium?

Suppose the government implements an $8 tax on each soccer ball that producers are responsible for paying. What proportion of the tax do producers actually pay (tax incidence)? Write your answer as a fraction (such as 5/6).

Suppose the government implements an $8 tax on each soccer ball that consumers are responsible for paying. What proportion of the tax do consumers actually pay (tax incidence)? Write your answer as a fraction (such as 5/6).

When the government implements an $8 tax on each soccer ball that producers are responsible for paying, what is the value of producer surplus?

Assume the market is in the initial equilibrium (with no taxes). If the government implements a price floor of $26, what is the value of producer surplus?

Assume the market is in the initial equilibrium (with no taxes). If the government implements a price floor of $34, what is the value of producer surplus? Round your answer to 1 decimal place.

Flag question: Question 19Question 198pts

Suppose demand is given by P = 50 - 2Q and supply is given by P = 2 + Q. The government imposes a price ceiling of $16 in this market.

At the original equilibrium (before implementing the price ceiling), what was the value of economic surplus?

After the price ceiling is implemented, what is the value of consumer surplus? (Just type the number; do not include a dollar sign.)

After the price ceiling is implemented, what is the size of the deadweight loss? (Just type the number; do not include a dollar sign.)

After the price ceiling is implemented, what is the size of the shortage in the market? (Just type the number; do not include any text or units.)