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Chapter 13-19 Tutorial} 1. Draw 3 graphs Identify the equilibrium price and quantity in that market. Haye each tick mark be 500 units of output on the rut-axis and $25 on the y-axis. Have the equilibrium price and quantity in the market he l units and $50. Draw the slope of the curves to be the following: a) Where the elasticities of supply and demand are balanced b} Where demand is perfectly elastic and supply is relatively inelastic c) Where demand is relatively inelastic and supply and relatively elastic a b c 2. Apply the following price distortion to each graph @ there is only one price control for each, if you\" computer turns the letters into numerals know that Tax of $25 goes with graph h} a] Price Ceiling of $25 h) Tax of $25 c] Price Floor of $75 3. Identify who hears the larger burden of the tax 4. Show how this market transitions. ASE who bears an additional M What does it look like?I Graph it as a dotted line and include an arrow for the direction of this change E draw both situations where the consumers are taxed (dotted line) and where producers are taxed (dashed line} 5. Identify the Deadweight Loss in each scenario. i) Is it CERTAIN, or POSSIBLE? Show this distinction [potentially by shading in darker any GUARANTEED DWL and ghter and POSSIBLE DWL). ii} Describelesplain why this distinction exists when it does