Question: 4. (12 points) Suppose the market demand function is given by Dpr] = 60 PD and the Supply is S (P) = 2P3. a.) {2

 4. (12 points) Suppose the market demand function is given by
Dpr] = 60 PD and the Supply is S (P) = 2P3.

4. (12 points) Suppose the market demand function is given by Dpr] = 60 PD and the Supply is S (P) = 2P3. a.) {2 points] Find the market equilibrium without taxes where P9 = P3. b) (3 points) Suppose now the supplier is required to e per unit tux of t = 3. Draw a graph to to show the change in the supply curve. Find the equilibrium quantity and prime, q', P,end P5. How much of the per unitt tax is passed on to the consumer? e) {2 points) Suppose now that the demander is required to a. per unit tent at t = 3. Draw a. graph to show the change in the demand curve Find the equilibrium quantity and prices, 9", Pg, end P5.Compa.re your answers in parts b) and c). d) (5 points) Celmulete the change in consumer's surplus, change in pmdueen's surplus. and dead weight loss as e result of the policy change. Illustrate them on a graph

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