PLEASE HELP ME WITH THESE QUESTIONS

The local gas market is perfectly competitive with supply and demand given by the following

Q_S = 30p - 60

Q_D = 105 - 3p

Use this to answer the questions that follow for Part A.

QUESTION 1: Suppose the market is unregulated.

Find the equilibrium price and quantity

P* =

Q* =

QUESTION 2: Suppose the market is unregulated.

Find the consumer surplus (CS) and producer surplus (PS) at the equilibrium.

CS =

PS =

Answers should be whole numbers.

QUESTION 3: Suppose a tax is imposed on consumers in the market of t=1.10 per unit.

Find the new equilibrium market price (P^t) and quantity (Q^t) with the tax.

P^t =

Q^t =

What price do consumers pay inclusive of the tax (P^C)?

P^C =

Do not round your answers.

QUESTION 4: Suppose a tax is imposed on consumers in the market of t=1.10 per unit.

Find the Consumer Surplus (CS), Producer Surplus (PS), and Deadweight Loss (DWL) resulting from the tax.

CS =

PS =

DWL =

Do not round your answers.

QUESTION 5: The tax is no longer.

Instead, a subsidy of s=2.20 per unit is provided to sellers of gas.

Find the new equilibrium price (P^Sub) and quantity (Q^Sub) with the subsidy.

P^Sub =

Q^Sub =

What is the price that sellers now receive when including the subsidy?

P^S =

Remember, a subsidy works algebraicallyin the same was a negative tax.

QUESTION 6: Continuing, a subsidy of s=2.20 per unit is provided to sellers of gas.

Find the consumer surplus, producer surplus, and deadweight loss.

CS =

PS =

DWL =

QUESTION 7: The subsidy is now removed.

The government imposes a maximum price (price ceiling) of $4.80 per unit.

What will be the shortage amount?

Shortage =

What will be the consumer surplus, producer surplus, and deadweight loss with the price ceiling?

CS =

PS =

DWL =