PartialQuestion 2

*Below were my answers I got partial credit on (6/10). Can you please help me solve for the 4 I don't know*

6 / 10 pts

The demand for ice cream is given by QD=202P, measured in gallons of ice cream. The supply of ice cream is given by QS=4P10. Use negative signs where appropriate. Round to the nearest one-hundredth decimal place (0.01).

a. Find the equilibrium price and quantity.

Equilibrium Price: P^*= 5

Equilibrium Quantity: Q^*= 10

b. Suppose that the government legislates a $1 tax on a gallon of ice cream, to be collected from the buyer. Find the new equilibrium price and quantity.

New Equilibrium Price: P^'= 5.67

New Equilibrium Quantity: Q^'= 8.68

c. How much of the tax do the buyers bear?

= 0.67

d. How of the tax do the sellers bear?

=0.33

e. Calculate the consumer surplus after the tax.

CS= 18.47

f. Calculate the producer surplus after the tax.

PS= 13.72

g. Calculate the government revenue from the tax.

GR= 8.66

H. DWL= 0.67