Question 1Qd = 240 - 5PQs = P(a) Where Qd is the quantity demanded, Qs is the quantity supplied and P is the Price. Find:(1) the Equilibrium Price before the tax(2) the Equilibrium quantity before the tax(3) buyers reservation price(4) sellers reservation price(5) consumer's surplus before tax(6) producer's surplus before tax(b) Suppose that the government decides to impose a tax of $12 per unit on seller's in the market.Determine:(1) Demand & Supply equation after tax(2) buyer's price after tax(3) seller's price after tax(4) quantity after tax(5) consumer surplus after tax(6) producer surplus after tax(7) tax revenue(8) deadweight loss of the tax(9) total surplus after taxQuestion 2Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity.(a) In academic year 2020/2021 a university mandates that all students must take Financial Accounting as a core requirement for their major. Concurrently, the university bookshop made their order for Financial Accounting textbooks based on the number of registered students in the last academic year.(b) The prices of inputs for the production of BrandX handbags have increased. Concurrently tast and preferences has favoured this brand of handbag in the last 4 market periods.(c) In the market for airline tickets, airline carriers cut fares for international air travel resulting in a 3% increase in ticket sales. Meanwhile, recent health considerations due to C-19 have caused an 11% reduction in the demand for international travel.(d) Electricity is a major input into the production of aluminum and aluminum is a substitute in the supply of steel. In the market for steel, the effect of an increase in price of electricity.Using the statements above:(1) What is the impact on supply?(2) What is the impact on demand?(3) What is the impact on quantity?(4) What is the impact on price?Question 3A government is considering 3 programs that affect the market for cigarettes.Prog 1 - Media campaigns and labelling requirements aimed at making the public aware of the dangers of cigarette smokingProg 2 - A price-support program for tobacco farmersProg 3 - A cap on the number of cases sold per quarter @ 20,000 cases(1) What is the impact on Demand / Supply / Price / Quantity?(2) Determine the impact on the market for cigarettes for Prog 3.(3) If the aim of the government is to support farmers while reducing the consumption of cigarettes, what program or combination of programs should be implemented and why?Question 4(a) Use the market diagram to illustrate the imposition of a rent ceiling above the market equilibrium price. What can you explain from the graph?(b) The equilibrium price in the housing market is very high. What do you think will happen if the government imposes a very high price ceiling that is below but very close to the equilibrium price on the housing market, because a politician owns housing units in certain areas? How does that affect the poor and the market for housing?(c) Can you identify any losses or gains? Explain.Question 5The Agricultural Society persuades the government, in the interest of food security, to impose a price floor on local carrots in order to keep carrot farmers in the business.(a) Assess the welfare implications of this measure.(b) Assess the effectiveness of this measure in keeping farmers in carrot farming. Question 6Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased.(a) Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers?(b) Now draw a supply-and-demand diagram for the beer market with the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased?(c) Can you identify any government revenues?(d) Is there any inefficiency, and if so, can you define it and label it on the graph?(e) If the producer has an inelastic supply curve, which market participant has the bigger tax burden? Explain.Question 7Given:QD = 160 -5PQS = -11 + 4PIn addition, the government imposed a $3.00 tax on the buyer.Calculate the following:(a) The equilibrium price and equilibrium quantity.(b) Consumer and producer surplus before the tax.(c) Consumer surplus after the tax.(d) Producer surplus after the tax.(e) Deadweight loss.(f) Government revenue.

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Question 1Qd = 240 - 5PQs = P(a) Where Qd is the quantity demanded, Qs is the quantity supplied and P is the Price.  Find:(1) the Equilibrium Price before the tax(2) the Equilibrium quantity before the tax(3) buyers reservation price(4) sellers reservation price(5) consumer's surplus before tax(6) producer's surplus before tax(b) Suppose that the government decides to impose a tax of $12 per unit on seller's in the market.Determine:(1) Demand & Supply equation after tax(2) buyer's price after tax(3) seller's price after tax(4) quantity after tax(5) consumer surplus after tax(6) producer surplus after tax(7) tax revenue(8) deadweight loss of the tax(9) total surplus after taxQuestion 2Carefully explain what is happening in the following markets.  Indicate the impact if any on demand, supply, price and quantity.(a) In academic year 2020/2021 a university mandates that all students must take Financial Accounting as a core requirement for their major.  Concurrently, the university bookshop made their order for Financial Accounting textbooks based on the number of registered students in the last academic year.(b) The prices of inputs for the production of BrandX handbags have increased. Concurrently tast and preferences has favoured this brand of handbag in the last 4 market periods.(c) In the market for airline tickets, airline carriers cut fares for international air travel resulting in a 3% increase in ticket sales.  Meanwhile, recent health considerations due to C-19 have caused an 11% reduction in the demand for international travel.(d) Electricity is a major input into the production of aluminum and aluminum is a substitute in the supply of steel.  In the market for steel, the effect of an increase in price of electricity.Using the statements above:(1) What is the impact on supply?(2) What is the impact on demand?(3) What is the impact on quantity?(4) What is the impact on price?Question 3A government is considering 3 programs that affect the market for cigarettes.Prog 1 - Media campaigns and labelling requirements aimed at making the public aware of the dangers of cigarette smokingProg 2 - A price-support program for tobacco farmersProg 3 - A cap on the number of cases sold per quarter @ 20,000 cases(1) What is the impact on Demand / Supply / Price / Quantity?(2) Determine the impact on the market for cigarettes for Prog 3.(3) If the aim of the government is to support farmers while reducing the consumption of cigarettes, what program or combination of programs should be implemented and why?Question 4(a) Use the market diagram to illustrate the imposition of a rent ceiling above the market equilibrium price. What can you explain from the graph?(b) The equilibrium price in the housing market is very high. What do you think will happen if the government imposes a very high price ceiling that is below but very close to the equilibrium price on the housing market, because a politician owns housing units in certain areas? How does that affect the poor and the market for housing?(c) Can you identify any losses or gains? Explain.Question 5The Agricultural Society persuades the government, in the interest of food security, to impose a price floor on local carrots in order to keep carrot farmers in the business.(a) Assess the welfare implications of this measure.(b) Assess the effectiveness of this measure in keeping farmers in carrot farming. Question 6Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased.(a) Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers?(b) Now draw a supply-and-demand diagram for the beer market with the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased?(c) Can you identify any government revenues?(d) Is there any inefficiency, and if so, can you define it and label it on the graph?(e) If the producer has an inelastic supply curve, which market participant has the bigger tax burden? Explain.Question 7Given:QD = 160 -5PQS = -11 + 4PIn addition, the government imposed a $3.00 tax on the buyer.Calculate the following:(a) The equilibrium price and equilibrium quantity.(b) Consumer and producer surplus before the tax.(c) Consumer surplus after the tax.(d) Producer surplus after the tax.(e) Deadweight loss.(f) Government revenue.

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"Since you have asked multiple questions, we will answer only first question first part for you. If…