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Sub-Zero Group is a Madison based group that produces refrigerators. The demand for refrigerators in Madison is given by the following equation: P = 2000 - 60Qd The supply for refrigerators is given by the following equation: P = 200 + 30Qs a. What is the equilibrium price and quantity in the refrigerator market? Answer: Equilibrium Quantity is [ Select ] Answer: Equilibrium Price is [ Select ] b. What is the consumer and producer surplus in the refrigerator market? Answer: Consumer Surplus is [ Select ] Answer: Producer Surplus is [ Select ] c. Suppose that producing refrigerators creates pollution where the negative external costs of each refrigerator is $90 (assume that the external cost is constant for all units produced). What is the total external cost of producing market equilibrium quantity of refrigerators? Answer: total external cost is [ Select ] d. What is the deadweight loss created by the market equilibrium in the presence of the externality from social welfare perspective? Answer: deadweight loss is: [ Select ]b. What is the consumer and producer surplus in the refrigerator market? Answer: Consumer Surplus is [ Select ] Answer: Producer Surplus is [ Select ] c. Suppose that producing refrigerators creates pollution where the negative external costs of each refrigerator is $90 (assume that the external cost is constant for all units produced). What is the total external cost of producing market equilibrium quantity of refrigerators? Answer: total external cost is [ Select ] d. What is the deadweight loss created by the market equilibrium in the presence of the externality from social welfare perspective? Answer: deadweight loss is: [ Select ] e. To deal with the pollution created by refrigerator production, the city of Madison decides to place a tax of $90 on each refrigerator. What is the tax revenue that the city of Madison will collect based on this tax? Answer : tax revenue collected will be [ Select ] f. With the new tax on refrigerators ($90 per unit) the externality damage that refrigerator production imposes will change, what is the new total external cost of producing refrigerators when the tax is place on the producer? Answer: new total external cost of production is [ Select ] g. Does the tax on refrigerator production improve social welfare? Answer: [ Select ]