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Help please Quantity of swordfish Price of swordfish (millions of pounds per year) (per pound) Quantity demanded Quantity supplied $32 37 20 15 18 13

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Quantity of swordfish Price of swordfish (millions of pounds per year) (per pound) Quantity demanded Quantity supplied $32 37 20 15 18 13 R 16 11 14 9 12 10 5 22 a) What is the equilibrium price and quantity? Illustrate in a diagram. b) Due to overfishing by the commercial fishing industry, the stocks of fish are seriously depleted. The National Marine Fishery Service of the U.S. government decides to impose an excise tax of $6 on each pound of fish in an effort to reduce the catch of swordfish. Illustrate the effect of this tax on your diagram in a. What is the demand price at which consumers will purchase swordfish? What is the supply price? c) Calculate the change in consumer's surplus as a result of the excise tax. d) Calculate the change in producer's surplus as a result of the excise tax. e) Calculate government revenue from the excise tax. What is the deadweight loss? f) What is the tax incidence to the consumer and producer? What does the tax incidence tells us about the relationship between the elasticity of demand and the elasticity of supply

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