Solve question 8

Complete the following assuming the equilibrium price is $10 (before the tax): Price Supply After Tax 6. Identify the consumer surplus (CS) ABCD $16 Supply 7. Identify the producer surplus (PS) GHIJ 8. Identify the CS if a price ceiling is placed at $12 A 9. Identify the CS if a price floor is placed at $12 $12 = A $200 B CID E Identify the following after tax: $10 F G H 8. The tax per unit $8 9. CS after tax 10. PS after tax 11. Deadweight loss Demand 12. Total tax revenue $4 K - M 13. Total spending by buyers 14. Total revenue to sellers 100 200 300 Quantity 15. Total amount of tax buyers pay Identify if buyers or sellers pay more of a tax in 16. Total amount of tax sellers pay the following situations: 17. Is the demand curve between $12 and $10 elastic, inelastic, or unit elastic? 19. Demand is more inelastic than supply