Consider a perfectly competitive market where the market demand curve is given by Q = 724P and the market supply curve is given by Q = 6 + 2P.

Consider a perfectly competitive market where the market demand curve is given by Q = 72−4P and the market

supply curve is given by Q = −6 + 2P. In each of the

following situations (a-e), determine the following items

(i-viii)

i) The quantity sold in the market.

ii) The price that consumers pay (before all

taxes/subsidies).

iii) The price that producers receive (after all

taxes/subsidies).

iv) The range of possible consumer surplus values.

v) The range of possible producer surplus values.

vi) The government receipts.

vii) The net benefit.

viii) The range of deadweight loss.

(a) A market with no intervention.

(b) A market with tax T = 3.

(c) A market with subsidy S = 6.

(d) A market with price ceiling C = 11.

(e) A market with price floor F = 16