Question: TOTAL MARKS: 10 marksl (Review the Additional Practice problem from Chapter 3 and 4 posted on Blackboard for attempting this question) a. Consider a linear

3 and 4 posted on Blackboard for attempting this question) a. Consider

a linear demand curve represented by QD = 80 -2P. Given the

above equation fill out the following table. (4 marks) PRICE PER UNIT

TOTAL MARKS: 10 marksl (Review the Additional Practice problem from Chapter 3 and 4 posted on Blackboard for attempting this question) a. Consider a linear demand curve represented by QD = 80 -2P. Given the above equation fill out the following table. (4 marks) PRICE PER UNIT QUANTITY PRICE TOTAL DEMANDED ELASTICITY OF REVENUE DEMAND Z :5 b. Given the above demand equation if, the supply equation is given by Q3= -2l] +4P, nd the equilibrium price and quantity in this market. Show your steps to obtain the equilibrium. (4 marks). ANSWER SPACE FOR PART b. C. Suppose a tax of $1 is imposed on producers at every price. How will it change the supply equation? Using the new supply equation and the demand equation for part a., solve for the new equilibrium price and quantity in this market. Show your steps (2 marks) ANSWER SPACE FOR PART e

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