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please give the solution of those following Problems thanks in advance Teacher. 4. Prepare a hypothetical linear demand and supply schedule (you can use the

please give the solution of those following Problems thanks in advance Teacher.

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4. Prepare a hypothetical linear demand and supply schedule (you can use the same schedule as in question 2) , estimate the demand and supply equations, and the calculate initial consumer surplus and producer surplus. Now assume that government intervenes in the market through ceiling price (assume a value) and or floor price (assume a value). Find the change in welfare (DWL) loss and the new consumer surplus and producer surplus. Do you support these types of interventions? 5. Using a hypothetical demand and supply equations explain what would happen if government imposes an indirect tax (assume a value) on the product. Find the new equilibrium, change in consumer and producer surplus and amount of government revenue and DWL. Under what conditions consumers will bear of the tax burden? Under what conditions producers will bear of the tax burden? 6. Why imposing import quota on necessity products (like onion) may create grievance among the consumers? Explain using a suitable diagram. How may government reduce the consumers' grievance? 2/2

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