The table below shows the demand and supply schedules for Bluetooth speakers produced in South Africa. Use the data contained in the table to answer all the questions that follow. Price Demand 100 8000 7250 6500 5750 5000 4250 3500 2750 2000 150 200 250 300 350 400 450 500 Supply 0 600 1200 1800 2400 3000 3600 4200 4800 1. Given the information in the above table, what are the demand and supply equations for the Bluetooth speaker market (your answer should include two equations: Qd = a - bp and Qs = c + dp, where a and c are the intercept values, and b and d are the slope values). [2] 3. Government is considering putting an excise tax of R50 (per unit) on Bluetooth speakers to be paid by manufacturers, how would this tax influence the market (in your answer, mention how the demand/supply curves respond; why they respond in the way the do; and what the new equilibrium price and quantity is)? [4] 4. With respect to the above analysis, would producers shift the entire burden of the tax onto consumers? Why, or why not? [1] 5. Government decides that it will not implement the excise tax, but will instead open the domestic Bluetooth speaker market to international suppliers. If the world price for Bluetooth speakers is R250, what is the equilibrium quantity traded in the domestic market? 6. How much of the total quantity traded in the domestic market is produced in South Africa? [1] [1] 7. After seeing the reduced output of domestic producers who were being out-competed by foreign firms, government decides that it wants to support domestic Bluetooth speaker manufacturers and introduces a R100 tariff on imported speakers. What is the new equilibrium price and quantity in the market with the excise tax in effect? 8. How much revenue is government generating from the tariffs? [2] [2]