X Thank You! Your VitalSource Ord X VitalSource Bookshelf: Financial / X + ent_2.pdf utlook.offi... 5 https://outlook.offi... o Mail - Hassan Kabu... Statement and Pay... 1 1 100% Assignment # 2 ECON 1201 Fall 2022 Question # 1 (10 points) Using the equations shown below, answer the following questions. QD = 38 - 3P QS = -2 +P a. What is the equilibrium price and quantity in this market? b. Assuming a tax of $2 is imposed on the seller side, what is the equilibrium price and quantity after the tax? c. How much of the tax will the buyers pay? d. How much of the tax will the sellers pay? . What is the effective price the sellers receive? Question # 2 (10 points) Consider the following equation: P = 50-0.5Q (Demand) and P =2Q (Supply). Answer the following questions. a. What is the market equilibrium price and quantity? b. What is the consumer surplus and producer surplus at the market equilibrium? c. Suppose that government sets a price ceiling of $30. What is the quantity supplied in the market now? d. What is the consumer surplus and producer surplus based on the new price? e. What is the loss of economic surplus due to the price ceiling? Search BU 60 W O 19 144 fn1 DDI f12 port sc delete home num 8 9 lock U O P G 7 hom K L S pause