Question: Hello, can you help with this one Consider a competitive market for red lentils with 10,000 identical farmers, a competitive market price of $5 and

Hello, can you help with this one

Hello, can you help with this one Consider a competitive market for

Consider a competitive market for red lentils with 10,000 identical farmers, a competitive market price of $5 and the following MC for each farmer: ME = $0.5 + $0.05!?) Also consider the following market demand function: Q5 = 1,100,000 40.00013 a) Calculate the optimal level of production {in tonnes) for each farmer (show workings)- {2 marks) b) Assuming 10,000 lentil farmers of equal size, determine the market supplyr function and the equilibrium market quantity:r (show workings). {3 marks) e) Consider that the government now imposes a 25% tax on producers, calculate the new.r market equilibrium price {two decimal places) and new.r market equilibrium output {two decimal places) {show workings). {3 marks) d) Calculate the value of the deadweight loss for the consumer and the producer following a 25% tax on red lentils, as well as, the amount of government revenue- {5 marks)

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