QU ESTIO N 7 10 points Save Answer Suppose that the Supply and Demand of ice cream are given by Q = 408 5 P Q = 44 + 1 P What is the equilibrium price (P*) of ice cream? Round your answer to two (2) decimal places if necessary :1 QUESTION 8 10 points Save Answer In the previous question, Q = a + b P represented (Demand/Supply) because it has a positive _ while Q = c d P represents v (Demand/Supply) because it has a negative v QUESTION 9 10 points Save Answer Suppose that the Supply and Demand of cars are given by Q = 300 2 P Q = 15 + 2 P If the government sets a tax on cars so that Qtax = 22. then what is the size of the tax that will be paid? Hint: size of the tax = ( Pbuy - Psell ) Round your answer to two (2) decimal places if necessary :1 QUESTION 10 Suppose that the Supply and Demand of maple syrup are given by Q=100P Q=3+5P What is the value of Consumer Surplus? Round your answer to two (2) decimal places if necessary QUESTION 11 Suppose the world price of cacao beans (the main ingredient in chocolate) is $0.97 per pound, and the price of cacao beans grown in cote d'lvoire is $0.61 per pound (this is real data). If COte d'lvoire opens to world trade in cacao beans, it will v (imporUexport) beans to I from the world, so C6te d'lvoire's producers will v (gain/lose) from trade and consumers will (gain/lose) from trade. Therefore, cote d'lvoire's producers (will/will not) ask the government for a tariff, which is a tax on (importslexports) 10 points 10 points Save Answer Save Answer