Make sure to thoroughly understand every question. It's essential to respond to ALL parts of the questions. To score maximum points, present all steps of your work and label your diagrams accordingly.

1. Evaluate the hotdog market in Kamloops, where P = 10 - 0.5Qd & P = 1 + 0.5Qs, with Q representing one thousand hotdogs.

1. Sketch the supply and demand graph, and display P* & Q*. (2 marks)
2. Work out the consumer surplus. (2 marks)
3. Find the producer surplus. (2 marks)
4. Compute the total surplus. (1 mark)
5. Imagine a $1 per hotdog tax is imposed in BC. Portray this tax on a fresh graph, demonstrating the shift in P* & Q*. (2 marks)
6. Compute the updated consumer surplus. (2 marks)
7. Calculate the revised producer surplus. (2 marks)
8. Determine the deadweight loss as a result of the tax and show it on the graph in the previous section. (3 marks)
9. Estimate the tax revenue for the government from this tax. (2 marks)