Ly Lab 5 (Question 1) ~ Lyryx Learning Inc - Google Chrome laecon1.lyryx.com/student-servlets/LabServlet?ccid=3692 Suppose the weekly demand for a certain good in thousands of units, is given by the equation P = 38 - Q, and the weekly supply curve of the good by the equation P = 8 + Q where P is the price in dollars. Finally, suppose a per-unit tax of $28, to be collected from sellers is imposed in this market. Complete the following questions. Note: If necessary round your answers to two decimal places a) Graph the weekly demand, supply (pre-tax), and supply (post-tax) equations. Supply Curve (without tax) 367 28 Price ($) 6 10 12 14 16 18 Reset Quantity (thousands of units/week) b) What is the equilibrium price before the tax? Equilibrium Price = $0 c) What is the Consumer and Producer Surplus before the tax? Note: Remember that the quantity of units on the graph are in thousands. Producer Surplus = $0 Consumer Surplus = $0 d) What is the new Consumer and Producer surplus after the tax is imposed? Note: Remember that the quantity of units on the graph are in thousands Producer Surplus = $0 Consumer Surplus = $0 e) How much government revenue will this tax generate a week? Note: Remember that the quantity of units on the graph are in thousands. Government Revenue = $0 per week 9 6 8:41 PM 2020-06-14