Demand for a good is given by:Qd=40-2p

Supply for the same good is given by:

Qs=4(p-t)-20

Where T is a tax on suppliers. When the tax is $3, what is the equilibrium price?

2 points   QUESTION 37

1. Referring to Exhibit 1, when the tax is $3, what is the equilibrium quantity?

2 points   QUESTION 38

1. Referring to exhibit 1, when the tax is $3, what is consumer surplus?

2 points   QUESTION 39

1. Referring to exhibit 1, when the tax is $3, what is producer surplus?

2 points   QUESTION 40

1. Referring to exhibit 1, when the tax is $3, what is the total tax revenue?

2 points   QUESTION 41

1. Referring to exhibit 1, when the tax is $3, what is the area of deadweight loss?

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