Note: The answer should be typed.

4. Price Controls, Taxes, and Welfare: Suppose that a market is described by the following supply and demand equations: OS OD = 400 - (a) Solve for the equilibrium price (P* ) and the equilibrium quantity (Q"). (b) Calculate consumer surplus, producer surplus, and total surplus at the equilibrium. (c) Suppose that a price ceiling of $300 is imposed in this market. What is the resulting market price and quantity sold? (d) Suppose instead that a price floor of $250 is imposed in this market. What is the resulting market price and quantity sold? (e) Suppose now that a per-unit tax of $50 is imposed on sellers. (i) What is the new supply equation that incorporates the per-unit tax of $50 on sellers? (ii) Solve for the resulting price received by sellers (Py), price paid by buyers (Py), and quantity sold (Q"). (f) Suppose instead that no tax is imposed on sellers, but a per-unit tax of $50 is imposed on buyers. (i) What is the new demand equation that incorporates the per-unit tax of $50 on buyers? (ii) Show that the resulting price received by sellers (Py), price paid by buyers (Pp); and quantity sold (Q") are exactly the same as in part (e) (ii). (g) Using your values from part (f), what share of the tax burden falls on buyers? What share falls on sellers