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Homework help microeconomics please and thank you. 1. Given the supply ($1) and demand (D1 ) graph for the Ppizza market below: DI SI $13

Homework help microeconomics please and thank you.

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1. Given the supply ($1) and demand (D1 ) graph for the Ppizza market below: DI SI $13 $12 $10 $9 $8 Q 100,00 0 a. If the government imposes a $2 tax on the sellers on each pizza sold, draw the new market supply on the graph above and label it S*. b. Estimate the new equilibrium price (approximate to the nearest cent): c. Label the new equilibrium quantity Q* *. d. If the Ed=1.20, determine the number for Q* * (the new cquilibrium quantity). Show your work. e. Of the $2 tax per pizza, state the amount (in terms of the tax incidence) that is paid by the produces and the amount that is paid by the consumers. (Questions f and g are on the backside.) f. Please clearly shade in the efficiency loss (deadweight loss). g. Calculate the area of the efficiency loss. Make sure you include a unit measurement in your answer. Please show all your work. h. Explain what your answer in (g) above tells us. (What does this efficiency loss represent?)

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