Question 24 options:

Suppose the German government increases the excise tax on gasoline by $0.2. The equilibrium price was $1.00 and the equilibrium quantity sold was 5 mio. gallons before the taxes were increased. The new equilibrium price is $1.1 and the new equilibrium quantity is 4 mio. gallons.

Calculate how much the consumers with lose (Enter only a numeral, up to two decimal places.

Answer in terms of millions - e.g. 500,000 would be 0.50):