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5 G I' eithhodumtion.comlextlmap/index.html?_con=con&external_browser=0atlaunchUrl=https%253A%252F%282Fim HWtMQtEqulandPoticyo Assume the government taxes packs of cigarettes both to discourage cigarette smoking and to raise tax revenue. The average excise tax on a pack of cigarettes is $2.50 per pack. The table below presents the annual demand and supply schedules. In billions of packs, 2 5 both before and after the tax on packs of cigarettes. Quanttty o! Qunntxty of Quantxty of tharcttcu cigarette: Cigarettes ' Demanded supplied Supplied with 0.1 Fnrn donate (billions of thtlltona of To: Ibiuions 90"\" pm pack! of packs) 2'. a. What are the equilibrium quantlty and price per pack of cigarettes If there Is no excise tax on cigarettes? O 22.5 billion packs; $8.00 per pack ' O 35 billion packs; $8.00 per pack 0 22.5 billion packs: $7.00 per pack 0 35 billion packs: $7.00 per pack b. What are the equilibrium quantity and price per pack of cigarettes if there is a $2.50 excise tax per pack on cigarettes? - O 35 billion packs; $8.25 per pack 0 22.5 billion packs; $8.25 per pack 0 22.5 billion packs: $7.00 per pack 0 35 billion packs; $7.00 per pack c. How much tax revenue does the $2.50 per pack excise tax on cigarettes generate each year? 0 $56.25 billion 0 None - no cigarettes will be purchased 7 o $75.00 billion 0 $87.50 billion 4' 4 d. By how many packs of cigarettes does quantity demanded decrease due to the excise tax on cigarettes? O 35 billion packs per year 0 22.5 billion packs per year 012.5 billion packs per year . O 25 billion packs per year, e. By how much did. the price paid by consumers change due to the tax on cigarettes? 0 $0.50 per pack 0 $1.25 per pack 0 $2.50 per pack 0 $7.00 per pack I - _ " L-'l't't _ ' ' -... . '(Eray 25cm