Name: HR Microeconomics Free Response Test A Below are two supply and demand models representing the perfectly competitive market for fish; one before a tax, and one after a $3/unit tax. Use the modes to answer the questions below. You may draw, shade, or mark up the models if it helps you. Fish market before tax Fish market after tax Price Price Do Do OHNWAUTO 0 1 2 3 4 5 6 7 8 9 10 11 12 13 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Quantity Quantity Answer the following questions based on the market before the tax is put on the market; a. How many units of fish will be exchanged? (what quantity) b. Calculate the producer surplus if the market reaches equilibrium: _$. c. Calculate the consumer surplus if the market reaches equilibrium: _$. 2. Answer the following questions based on the market after a $3/unit tax is put on the market; a. How many units of fish will be exchanged? (what quantity) b. Calculate the total tax revenue generated by the tax: _$_ i. How much of that tax revenue used to be consumer surplus? _$. ii. How much of that tax revenue used to be producer surplus? _$_ ili. Who had the larger tax burden in this case?Name: HR: Supply and Demand Free Response Test B Draw a supply and demand graph for homes and label the equilibrium price "P," and the equilibrium quantity "Q.". Draw the shift that would occur if the price of lumber (a factor of production for building homes) decreased. Label the new equilibrium price "P2" and the new equilibrium quantity "Q.". Draw a supply and demand graph for gas and label the equilibrium price "P," and the equilibrium quantity "Q.". Draw the shift that would occur if the production of gas is subsidized. Label the new equilibrium price "P," and the new equilibrium quantity "Q.". Draw a supply and demand graph for spam and label the equilibrium price "P," and the equilibrium quantity "Q.". Draw the shift that would occur if consumer income decreases (Spam is an inferior good). Label the new equilibrium price "P2" and the new equilibrium quantity "Q."