Economics 301: Using Figure 1 below, determine each of the following:

| November 24, 2016

Economics 301:

1. Using Figure 1 below, determine each of the following:

a. equilibrium price before the tax

b. consumer surplus before the tax

c. producer surplus before the tax

d. total surplus before the tax

e. consumer surplus after the tax

f. producer surplus after the tax

g. total tax revenue to the government

h. total surplus after the tax

i. deadweight loss

Figure 1

The vertical distance between points A and B represents a tax in the market.

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