Note: please draw a separate graph for each subpart of the problem below.

The demand and supply for bicycles is given by:

Qd = 2000-10P

Qs = 8P-160

a. Graph the two functions. What is the equilibrium price and quantity? How much total revenue is spent on bicycles?

b. Suppose the government imposes a 20% sales tax on bicycles. What is the new equilibrium PriceP*and equilibrium QuantityQ*

c. Now suppose that Demand and Supply are as in part (a) and instead that a price floor ofP = 30is imposed. What is change consumer and producer surplus compared to equilibrium? What is the Deadweight Loss? Graph your results.

d. Suppose that Demand and Supply are as in part (a) and that a price ceiling ofP = 100is imposed. What is change consumer and producer surplus compared to equilibrium? What is the Deadweight Loss? Graph your results.

e. Now suppose that Demand and Supply are as in part (a) and that the government imposes a quantity restriction such that. Q = 350What is change consumer and producer surplus compared to equilibrium? What is the Deadweight Loss? Graph your results

f. Now suppose that Demand and Supply are as in part (a) and that the government imposes a per-unit tax ofTax = $18What is change consumer and producer surplus compared to equilibrium? What is the Deadweight Loss? Graph your results.