ECON 1011 Discussion Practice: Week #6 February 24, 2023 Q1. Taxes: Consider a market with the following supply and demand curves, graph them, and find the equilibrium price and quantity. Then find total welfare (producer surplus and consumer surplus). D1 : P = 24- Q S1: P = 2Q vigque palwoliot ent rhiw lesham wan s tableno rigged sitesla rive BokeT SO soviva banmab on Graph the P song muhdillups wen end ba | bris seywo bremel bra Vigque wen ardi nets Q a. Impose a $6 tax on the demand side. Sketch the shadow demand curve. Find the post- tax quantity and price. (Note: there are two prices, (1) the price the consumer pays which includes the tax, and (2) the sticker price which excludes the tax and is the price the supplier receives for the good. P no onivo brismeh wobards if ilove bramob no xel 03 ames art ssogml b To ovads erdt Q b. Find the total welfare after the tax. This includes consumer surplus, producer surplus, and tax revenue. What is the dead weight loss