08 Jun Question In the market for air filters
Question
In the market for air filters, demand is represented by the function P==110-4Qd and supply is represented by the function P=10+Qs.a)find the equilibrium price and quantity and calculate the consumer surplus and the producer surplusb) the government imposes a tax of $20per unit of air filter sold in the market (you choose whether the tax is imposed on consumers ofr producers)obtain the new equilibrium quantity, the price paid by the consumer and the price received by the producer after the tax has been imposed.c) Compute the total tax revenues collected by the government and the inefficiencies (deadweight loss) created by the tax.d) Hous much of the tax is paid by consumers and how much is paid by producers? Compute the price elasticity of demand and supply at the original (pre-tax) equilibrium in the market and use your results to explain the economic incidence of the tax.
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