: =−47+2.5 −1.5 +0.75 is the average price of unskilled labour, and R is the average annual rainfall. In addition, suppose the equilibrium values of unskilled labour and rainfall are GH¢10 and 40 inches respectively: i. Find the demand and supply curves for vegetable cooking oil. ii. Determine the equilibrium price and quantity for vegetable cooking oil and represent them on a graph. 1 c) iii. Suppose the government imposes a tax of GH¢4 on every vegetable cooking oil sold, what will be the new equilibrium price and quantity? iv. What is the total tax revenue? v. How would the consumers and producers share the tax? vi. Represent the demand curve, old and new supply curves on a graph and find the deadweight loss.
