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History Bookmarks People Tab Window Help Sat 20 Feb 12:09 PM Resourc 5 Your programme credit status x EPP100 ENDSEM EXAM 2021 P X G what is equilibrium price - Goo x G BECAUSE - Google Search x + /mod/quiz/attempt.php?attempt=149808&cmid=36903 Maps News Question 2 Consider the market for movie theatres in Mumbai. This diagram reveals the demand and supply side of tickets in the Not yet movie theatres in Mumbai. Respond to the below questions with respect to the given diagram: answered Marked out Price of movie of 5 tickets (Rs.) 300 Flag question 250 50 DD 500 Quantity of movie tickets (a) What is the price and the quantity of movie tickets bought and sold in equilibrium in this above diagram? Calculate the consumer surplus, producer surplus and total surplus at the equilibrium prices. (2 marks) (b) During corona times, a lot of low-income level movie-industry workers (spot-boys, hair-dresser, camera operator, cable person, prop-master, etc.) suffered income losses. They ran down on their savings and had to take huge debts to sustain their families during those tough times. Now that theatres have opened up and customers are coming back to the theaters, Mumbai government decided to help those workers with some money transfer. However, in order to help those workers, the government decided to introduce a tax of Rs 10/ticket on the customers who are going to watch the movie in theatres. After the tax is imposed, the customers pay Rs.252 for a movie ticket, out of which the movie theatres get Rs.242. Comparing the two scenarios, how much is the burden of tax (division of tax) on customers and how much is it on the movie theatres? Why is the tax burden divided unequally between customers and movie theatres? (2 marks)