) Given the following information: QD- 240-5P QS= P Where QD is the quantity demanded, QS is the quantity supplied and P is the price. Suppose the government decided to impose tax of $12 per unit on sellers in this market. Determine: 1.Consumer surplus after tax 2. producer surplus after tax 3. tax revenue  4. deadweight loss of the tax 5. total surplus after tax

Essentials of Economics (MindTap Course List)
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Chapter8: Application: The Cost Of Taxation
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C) Given the following information:

QD- 240-5P

QS= P

Where QD is the quantity demanded, QS is the quantity supplied and P is the price. Suppose the government decided to impose tax of $12 per unit on sellers in this market. Determine:

1.Consumer surplus after tax

2. producer surplus after tax

3. tax revenue 

4. deadweight loss of the tax

5. total surplus after tax

 

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