Price Demand Supply 10 60 30 20 20 45 1. a. Find the demand and supply equations (assuming linear curves). b. Graph the equations together on one plane. c. Assuming

Price
Demand
Supply
10
60
30
20
20
45
1. a. Find the demand and supply equations (assuming linear curves).
b. Graph the equations together on one plane.
c. Assuming that the market is perfectly competitive, shade and label the portion
corresponding to the consumer and producer surplus.
d. Solve for the consumer and producer surplus.
2. Suppose the government imposes a Php 5 tax.
a. How would the graphs in 2b adjust? Draw another graph with consumer and producer
surplus, tax revenue and deadweight loss properly shaded and labeled.
b. Solve for the new consumer and producer surplus, tax revenue and deadweight loss.

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