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The (inverse) demand and supply functions are: Demand: P=8-QD Supply: P=2+Qs Please draw demand and supply into the following diagram. 6 5 A W N Q 7 8 Question 28 (1 point) Saved The market equilibrium consists of which equilibrium price P*, equilibrium quantity Q*, and Welfare W*? O P*=3, Q*=5, W*=8 O P*=5, Q*=3, W*=12 O P*=5, Q*=3, W*=9 P* =4 W * =9Question 29 (1 point) Now assume that the government subsidizes supply by S=2. What is the new inverse supply function (S+Subsidy)? Question 30 (1 point) Now assume that the government subsidizes supply by S=2. What is the new market clearing price and quantity after the subsidy? O Q*=4, P*=5 O Q*=4, P*=4 O Q*=3, P*=4 O Q*=5, P*=3 Question 31 (1 point) Now assume that the government subsidizes supply by S=2. How big is the new consumer surplus? Question 32 (1 point) Now assume that the government subsidizes supply by S=2. How big is the new producer surplus? Question 33 (1 point) Now assume that the government subsidizes supply by S=2. How much does the subsidy cost the taxpayer? Question 34 (1 point) Now assume that the government subsidizes supply by S=2. How big is the new total surplus (welfare)? Question 35 (1 point) Now assume that the government subsidizes supply by S=2. How big is the dead weight loss? Question 36 (1 point) The dead weight loss associated with a subsidy is best explained by O inefficient underproduction O inefficient overproduction O irrational management O irrational consumer behavior