In a large graph, draw linear supply and demand curves that obey the laws of demand...

In a large graph, draw linear supply and demand curves that obey the laws of demand and supply in a coordinate system. Label everything relevant.

Show the equilibrium price and quantity, as well as consumer and producer surplus on the graph. How do you calculate total surplus if there are no externalities?
Suppose the government levies a tax on the sellers of the good.

In a new large graph, show (1) which curve shifts, (2) which way, and (3) derive a new equilibrium quantity, and the prices paid by buyers and received by sellers. Then show the new consumer surplus and producer surplus, as well as government revenue and the deadweight loss.

Expert Solution

Rahul Sunny answered 2 years ago

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