ONLY ANSWER QUESTIONS 23 - 30. DO NOT ANSWER 17-22

Questions 17 through 22 are related.

17.The Demand Curve for a package of tofu based vegetarian hamburgers is given by the equation Q_D = 18.8 - 2.75 P with quantity measured in billions of packages per year and price measured in dollars per package.The Supply Curve is estimated by the equation Q_S = -1.9 + 3.4 P.What is the equilibrium price of a package?Please round and write the answer to one cent, for example $2.43 or $0.56.

Answer: 9.54

18.With the information in question 17, what is the equilibrium quantity of packages?Please write the answer in billions and round to two decimals, for example 3.54 or 5.65.Do not write "Billions" after the answer.

Answer: 3.37

19.Using the information in questions 17 and 18, at the equilibrium price and quantity, what is the amount consumers spend on the product and the industry's revenue?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer: 32.12

20.Using the information in question 17 and 18, at the equilibrium price and quantity, what is the Consumers' Surplus?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer: 16.56

21.Using the information in question 17 and 18, at the equilibrium price and quantity, what is Producers' Surplus? Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer: 13.42

22.Assume that a $0.30 subsidy is given to Consumers/Demanders to encourage healthy diets.With the subsidy, what is the quantity demanded and supplied in the market?Please write the answer in billions and round to two decimals, for example 3.54 or 5.65.Do not write "Billions" after the answer.

Answer: 9.54 to 10

23.After the $0.30 subsidy for Consumers is granted, what is the Price Consumers pay?Please round and write the answer to one cent, for example $2.43 or $0.56.

Answer:

24.After the $0.30 subsidy for Consumers is granted, what is the Price Producers receive?Please round and write the answer to one cent, for example $2.43 or $0.56.

Answer:

25.After the $0.40 subsidy for Consumers is granted and the market settles into equilibrium, what is the amount consumers spend on the product?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer:

26.After the $0.40 subsidy for Consumers is granted and the market settles into equilibrium, what are the industry's revenues?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer:

27.After the $0.40 subsidy for Consumers is granted, what is the Consumers' Surplus?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer:

28.After the $0.40 subsidy for Consumers is granted, what is the Producers' Surplus?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer:

29.After the $0.40 subsidy for Consumers is granted, what is the Government/Taxpayer Expense?Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer:

30.After the $0.40 subsidy for Consumers is granted, what is the Deadweight or Welfare Loss to the economy? Please round and write the answer to two decimals, for example $9.53 or $21.31.Do not write "Billions" after the answer.

Answer: