Provide clear solutions for each of the following

4. In a perfectly competitive market, the market demand and market supply curves are given by Q4 = 1000 - 10P and Q. = 30PS. Suppose the government provides a subsidy of $20 per unit to all sellers in the market. a) Draw the graph and determine the new equilibrium quantity along with po and Ps b) Determine the total surplus and the dead weight loss. 5. Suppose that the domestic demand for television sets is described by Qd = 40,000 - 180P and that the supply is given by Qs = 20P. Televisions can be freely imported at the world price of $160. a) Indicate the minimum tariff per television that the government needs to introduce to ban the import of television sets. How much would the deadweight loss change? b) Suppose instead a quota of 8000 is imposed, determine the deadweight loss change and explain whether you expected the answer. 6. Evaluate the validity of the following statements with the help of graphs and appropriate arguments. a) Increasing the minimum wage in the case of monopsony leads to more labour work hours. b) A tax that has zero dead weight loss raises zero revenues.4. (30 points) Consider the following game. There are ten dollars to divide. Two players are each required to simultaneously name an integer between 0 and 10. The player who names the higher number gets to keep the money. If they name the same number, the money is equally shared between them. (a) Describe the set of players /, the set of strategies {S,lien, and the payoff function fuiliEN. (b) Are there strategies that are strictly dominated? Demonstrate your reasoning. What are the resulting strategies after iterated elimination of strictly dominated strategies? (c) Find the best responses (correspondence) for each player. That is, find the strategies that maximize a player's payoff given what the other player does. (d) Find the Nash equilibria of the game. (e) Suppose now the game is changed. Whenever there is a tie, each player receives nothing. Answer the same questions in parts (b) and (c). Find the pure-strategy Nash equilibria of the game.Suppose the demand and supply for milk in the European Union (EU) is given by p = 124 - 0.7Q" and p = 7 + 0.2Q5, where the quantity is in the millions of liters and the price is in cents per liter, Assume that the EU does not import or export milk. (Note: 100 cents = 1 euro.) (a) Find the market equilibrium quantity, Q*, and equilibrium price, p*. millions of liters cents per liter (b) Find the consumer and producer surplus at the market equilibrium. (Round your answers to two decimal places.) consumer surplus million euros producer surplus million euros (c) The European farmers successfully lobby for a price floor of p = 40 cents per liter. What will be the new quantity sold in the market, Q? Q =[ millions of liters (d) Find the new consumer and producer surplus after the price floor. (Round your answers to two decimal places.) consumer surplus million euros producer surplus million euros (e) What is the deadweight loss from the price floor? (Round your answer to two decimal places.) million euros (f) If the EU authorities were to buy the surplus milk from farmers at the price floor of 40 cents per liter, how much would they spend in millions of euros? (Round your answer to two decimal places.) million euros