Figure 2 Pike X Quardly Page 4 of 7 Intro to Econ - Microeconomics (ECON-1102-005) - Assignment #2 (15%), Due Feb 26, 2024, 11:30 AM, to be submitted in Class Full Name Student ID 28. In Figure 2 above, what is the equilibrium price and quantity before the tax? a. P1 and Q1 b. P2 and Q2 c. P2 and Q1 d. P3 and Q2 29. In Figure 2 above, what is the price paid and quantity supplied after the tax? a. P1 and Q1 b. P2 and Q2 c. P3 and Q1 d. P2 and Q1 30. In Figure 2 above, what is the price sellers receive after the tax? a. P1 b. P2 c. P3 d. P3 - P2 31. In Figure 2 above, what is the per unit burden of the tax on buyers? a. (P3 - P1) / (Q2 -Q1) b. P3 - P2 c. (P2 - P1) / (Q2-Q1) d. P2 - P1 32. In Figure 2 above, what is the per-unit burden of the tax on the sellers? a. (P3 - P1)/(Q2 -Q1) b. P3 - P2 C. (P2 - PI)/(Q2 -Q1) d. P2 - P1 33. In Figure 2 above, what is the amount of the tax imposed? a. P3 - P1 b. P3 c. P2 - P1 d. P1 34. In Figure 2 above, what area represents the amount of tax revenue received by the government? a. P3ACP1 b. ABC c. P2DAP3 d. PICDP2 35. In Figure 2 above, what area represents the amount of deadweight loss associated with the tax? a. P3ACP1 b. ABC C. P2DAP3 d. PICDP2 36. What happens if the deadweight loss of taxation grows larger? a. the larger the deadweight loss of taxation, the more people will choose to not buy the product b. the larger the deadweight loss of taxation, the more the burden of the tax will fall on the buyer and not the seller c. the larger the deadweight loss of taxation, the more the burden of the tax will fall on the seller and not the buyer d. the larger the deadweight loss of taxation, the larger the cost of any government program 37. How is the amount of deadweight loss that will result from a tax determined? a. by the price elasticity of demand and supply b. by the number of buyers of the product in the market c. by the number of suppliers of the product in the market d. by the percentage of the purchase price that the tax represents