Market demand is given as QD = 2000 - 4P Market supply is given as QS = 2P-160 Suppose the government implements a tax of $9 on consumers. What is the value of producer surplus after the tax? a) $75, 076 Ob) $80,008 Oc) $79, 800 d) $96, 500

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Total Surplus and Deadweight Loss

Economists generally define efficiency as when it is impossible to improve the situation of one party without imposing a cost on another. Conversely, if a situation gets inefficient, a party will benefit more than the other without imposing costs on others.