Question: Solve: 4. Use the graph below to answer parts a and b. $12 Price 8.15 Supply 5 3.65 2 Demand 220 400 Quantity a. Assume

Solve:

4. Use the graph below to answer parts a and b. $12 Price 8.15 Supply 5 3.65 2 Demand 220 400 Quantity a. Assume no taxes are levied. What is consumer surplus? 1901 10710 b. Now suppose a $4.50 tax per unit is imposed. (You may shade in the graph or give a numerical answer below.) i. What is tax revenue? 0512 100.02 ii. What is consumer surplus? iii. What is producer surplus? iv. What is deadweight loss

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