Suppose you are a consultant for New York's taxation authority. The following information describe the demand and supply functions for two goods - Beer and Cigarettes: Beer Cigarette P = 125-20 P = 5+2Q P = 200-4Q P = 20 + Q Market Equilibrium and Efficiency In the market for Beer, the equilibrium price is the producer surplus is producer surplus in numerical values without any dollar sign, comma or decimal place). In the market for Cigarette, the equilibrium price is and equilibrium quantity is the consumer surplus is please put your answer for price, quantity, consumer surplus and 20 points Save Answer and equilibrium quantity is surplus is the producer surplus is surplus and producer surplus in numerical values without any dollar sign, comma or decimal place). the consumer please put your answer for price, quantity, consumer Taxation Suppose you can choose only ONE of the two goods to apply an excise tax on the producer side of the particular market. Option 1: Apply the excise tax of $10/Can to beer Option 2 Apply the excise tax of $10/Pack to cigarette Remember, in analyzing the taxation on each good and choosing the appropriate option in each case, you as a consultant must know the equilibrium traded price and quantity after taxation, the price that producers receive at the new equilibrium, tax revenue, consumer's tax incidence, producer's tax incidence and deadweight loss for both options. In the Beer market, the government tax revenue is producers tax incidence is adweight loss, consumers and producers tax incidences, Tax Consultation. the consumers tax incidence is the dead weight loss is (please put your answer for tax revenue, de in numerical values without any dollar sign, comma or decimal place). the consumers tax incidence is In the Cigarette market, the government tax revenue is producers tax incidence is the dead weight loss is (please put your answer for tax revenue, de adweight loss, consumers and producers tax incidences, in numerical values without any dollar sign, comma or decimal place). the As a tax consultant, which option should the taxation authority choose if they wishes to maximize her tax revenue? answer either wishes to minimize the producer's burden? should the taxation authority choose if she wishes to minimize the deadweight loss? option 2, all lower cases). (please put your 1 or option 2, all lower cases). Which option should the taxation authority choose if they wishes to minimize the consumer's burden? (please put your answer as either option 1 or option 2, all lower cases). Which option should taxation authority choose if they (please put your answer as either option 1 or option 2, all lower cases).
