NEED help with these questions. the 8.1 a and b is the last picture (1a, 1b). I will upvote
PROBLEMS AND APPLICATIC 1. The market for pizza is characterized by a downward-sloping demand curve and an upward-sloping supply curve. a. Draw the competitive market equilibrium. Label the price, quantity, consumer surplus, and producer surplus. Is there any dead- weight loss? Explain. b. Suppose that the government forces each pizzeria to pay a $1 tax on each pizza sold. Illustrate the effect of this tax on the pizza market, being sure to label the consumer sur- plus, producer surplus, government revenue, and deadweight loss. How does each area compare to the pre-tax case? c. If the tax were removed, pizza eaters and sellers would be better off, but the govern- ment would lose tax revenue. SuppFor the next 10 questions, refer to the following diagram and part b of question 8.1: I K L 4. Which area(s) is/are consumer surplus after the tax? A B C D E F G H I J K L 5. Which area(s) is/are producer surplus after the tax? A B C D E F G H I J K L 6. Which area(s) is/are government revenue? A B C D E F G H J K L 7. Which area(s) is/are the dead weight loss? A B D E F G H I J K L 8. With the tax, consumer surplus has become...? Larger Smaller The same 9. With the tax, producer surplus has become ...? Larger Smaller The same 10. With the tax, government revenue has become ...? Larger Smaller The same Al. What part of goverment revenue comes from fiS in the diagram? K L 12. What part of government revenue comes from producer surplus in the diagram? A B C D E F G H K L For the next question, refer to the same diagram and part c of question 8.1: 13. Is it possible that all parties could be better off if the proposed trade is carried out, compared to if the tax were still in place? Yes, it's possible Not possible Can't tell from information given whether it is possibleFor the first 3 questions, refer to the following diagram and part a of question 8.1: A B C D Q 1. Which area is consumer surplus? A B C D E. There is no consumer surplus 2. Which area is producer surplus? A B C D E. There is no producer surplus 3. Which area is the deadweight loss? A B C D E. There is no dead weight loss