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Do Homework - Lab 4 - Google Chrome https://www.mathxl.com/Student/PlayerHomework.aspx?homeworkld=596494910&questionld =1&flushed=false&cld=64934728centerwin=yes ECON201EC - Summer 2021 Dennis Emond & | 05/26/21 2:07 PM Homework: Lab 4 Save Score: 0 of 1 pt 19 of 30 (27 complete) HW Score: 73.33%, 22 of 30 pts 4.3 Study Exercise 17d (Algo) Question Help Suppose the market demand-and-supply curves for the gasoline market are as given below. In each case, quantity refers to millions of litres of gasoline per month; price is the price per litre (in cents). Demand: P = 300 -20Q Supply: P = 120 + 4QS Given these equations, the equilibrium price is 150 cents and the equilibrium quantity is 7.5 million litres. Compute the total revenue raised by the gasoline tax. What share of this tax revenue is "paid" by consumers, and what share is "paid" by producers? (Hint: if the consumer price were unchanged from the pre-tax equilibrium, we would say that consumers pay none of the tax.) When the government imposes a tax of 36 cents per litre, Q"new =6 million gallons, the price consumers now pay is 180 cents and the price producers now receive is 144 cents. The total revenue raised by the gasoline tax is $ ] million. (Enter your response rounded to two decimal places.) Enter your answer in the answer box and then click Check Answer. 2 parts remaining Clear All Check Answer Type here to search 9 ?~ ( 1) ENG 2:07 PM 2021-05-26