Question: Any help would be appreciated on this problem- I am lost as to how to approach it: Suppose that the market for coal is described

Any help would be appreciated on this problem- I am lost as to how to approach it:

Any help would be appreciated on this problem- I am lost as

Suppose that the market for coal is described by the following: Demand (in million short tons) is Qn= 700 5p (p: price in $ per short ton) Supply (in million short tons) is Qs= 2.513 50 a) b) C) d) g) Draw the inverse supply and demand curves in a graph with Q on the horizontal and p on the vertical axis. Label the numeric values of their y-intercepts and their slopes. Calculate the equilibrium price and quantity and show them on the graph. Calculate consumer and producer surplus. Show them on your graph from (b). Coal has the unfortunate quality of producing pollution. The government thus wants to reduce coal consumption. Name 3 policy options that would achieve this goal. The government decides to introduce a $30 tax per short ton of coal (on consumers). Calculate the new equilibrium prices (both demand price pD and supply price p9) and the equilibrium quantity under the tax. Show them on a new graph. Calculate consumer and producer surplus under the tax. Also calculate tax revenue and any deadweight loss from the tax. Show them on your graph from (e). Given your responses above, what should be the minimum monetary value ascribed to the reduction in pollution that would make the tax result in an overall net benet

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