Consider the following supply and demand schedule: 
(A)Draw the market supply and demand curves.Show the equilibrium quantity,price,producer surplus,and consumer surplus.
(B)Describe what would happen to the price of this product if a tax of $4.50 per unit sold is enacted by the government.Show your answer graphically.
(C)Show the deadweight loss due to the tax on your diagram.
Definitions:
Delegatee
A person or party that is designated to act or make decisions on behalf of another, typically in a specified capacity or for particular issues.
Performance Duty
The obligation of a party to a contract to fulfill the terms of the agreement as specified.
Contract Right
A legal entitlement embedded within a contract that grants parties specific abilities or enforces particular obligations.
Defenses
Legal arguments and strategies used in court to justify, excuse, or mitigate an accused party's liability or wrongdoing.
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