Questions 3 through 16 are related.

3.The Demand Curve for bullets used in handguns is given by the equation Q_D = 19.2 - 6P with quantity measured in billions of bullet packages per year and price measured in dollars per bullet package.The Supply Curve is estimated by the equation Q_S = -4.5 + 7.5P.What are the equilibrium price of bullet packages?

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4.Using the demand and supply curves from question #3, what is the equilibrium quantity of bullet packages?

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5.Using the information in questions 3 and 4, at the equilibrium price and quantity, what is the amount [in billions] consumers spend on the product and the industry's revenue?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

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6.Using the information in questions 3 and 4, at the equilibrium price and quantity, what is the Consumers' Surplus?

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7.Using the information in questions 3 and 4, at the equilibrium price and quantity, what is the Producers' Surplus?

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8.Assume that a 18% tax is imposed on Producers/Suppliers in an effort to reduce violence.With the tax, what is the quantity demanded and supplied in the market?

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9.After the 18% tax on Producers is imposed, what is the Price Consumers pay?

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10.After the 18% tax on Producers is imposed, what is the Price Producers receive?

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11.After the 18% tax on Producers is imposed and the market settles into equilibrium, what is the amount consumers spend on the product?

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12.After the 18% tax on Producers is imposed and the market settles into equilibrium, what is the amount of revenue the industry collects?

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13.After the 18% tax on Producers is imposed, what is Consumers' Surplus?

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14.After the 18% tax on Producers is imposed, what is the Producers' Surplus?

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15.After the 18% tax on Producers is imposed, what is the Government Tax Revenue?

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16.After the 18% tax on Producers is imposed, what is the Deadweight or Welfare Loss to the economy?

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