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Given the following data: Demand: QD = 320 - 2P Supply: QS = P-10 2.1 Equilibrium price and quantity. (2 mark) 2.3 Calculate the Consumer
Given the following data: Demand: QD = 320 - 2P Supply: QS = P-10 2.1 Equilibrium price and quantity. (2 mark) 2.3 Calculate the Consumer surplus and Producer surplus. (2 marks) Suppose now a per unit tax of $30 is imposed on every unit sold. 2.3 Calculate the new equilibrium price and quantity after the imposition of tax. (2 marks) 2.4 Calculate the Consumer surplus and producer surplus after the imposition of tax. (2 marks) 2.5 Find the Total Tax Revenue of the government, per unit incidence on consumer and producer. (3 marks) 2.6 Draw the market equilibrium (old and new) clearly labelling the axis. (4 marks) Maximum number of characters (including HTML tags added by text editor): 32,000 Show Rich-Text Editor (and character count)
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