Questions 3 through 16 are related.Answer the questions as indicated but when solving the problems, let the calculator or excel carry out the digits to as many decimals as it wants.

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?Please round and write the answer to one cent, for example $2.43 or $0.56.

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4.Using the demand and supply curves from question #3, what is the equilibrium quantity of bullet packages?Please round and write the answer in billions and round to two decimals, for example 3.54 or 5.65.Do not write "Billions" after the answer.

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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?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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7.Using the information in questions 3 and 4, at the equilibrium price and quantity, what is the Producers' Surplus?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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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?Please round and write the answer to two decimals, for example 10.52 or 9.14.Do not write "Billions" after the answer.

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9.After the 18% tax on Producers is imposed, what is the Price Consumers pay?Write the answer in dollars and cents, for example $4.53 or $2.31.

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10.After the 18% tax on Producers is imposed, what is the Price Producers receive?Write the answer in dollars and cents, for example $4.53 or $2.31.

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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?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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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?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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13.After the 18% tax on Producers is imposed, what is Consumers' Surplus?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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14.After the 18% tax on Producers is imposed, what is the Producers' Surplus?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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15.After the 18% tax on Producers is imposed, what is the Government Tax Revenue?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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16.After the 18% tax on Producers is imposed, what is the Deadweight or Welfare Loss to the economy?Please round and write the answer to two decimals, for example $4.53 or $2.31.Do not write "Billions" after the answer.

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