What price will suppliers receive after rendering the tax to the government?

I have worked some of these already but I want to make sure they are correct. Please show all work a Show more I have worked some of these already but I want to make sure they are correct. Please show all work and explain how you got your answer. Thanks! 1. The market for toaster ovens in Microstan is given by: Demand: QD = 10000 166.66P Supply: QS = 250P 1250 QD and QS are in 1000s of units P is in $s/unit. a) Solve for the equlibrium (Q*P*) and graph. Properly annotate the axes intercepts and the equilibrium point. b) What is the dollar value of both the Consumer Producer and Total surpluses (CS PS and TS)? Shade and annotate these regions on your graph. c) If the government of Microstan imposes a $5/unit tax what is the new equilibrium quantity (Q*)? What price will consumers pay? What price will suppliers receive after rendering the tax to the government? What will be the governments tax revenue? Hint: Set PD PS = 5 and solve for Q*. d) Sketch the new CS PS and Tax Revenue (TR) graphically. Annotate the deadweight loss (DWL). What is its dollar value? What is the new Total Surplus (TS)? e) On whom (consumers or producers) does the incidence of the tax fall most heavily? Why? Show less

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