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Suppose the demand for hamburgers is given by P = 60 − 3q and the supply...

Suppose the demand for hamburgers is given by P = 60 − 3q and the supply for hamburgers is given by P = 12+5q. Suppose the government decides to place a tax of 8 dollars on producers.

i) What is the price and quantity before the tax? ii) Calculate the price and quantity after the tax. Make sure to give the price for the consumer and the price for the producer.

iii) What is the burden of the tax for the producer and the consumer? Would the burden change if the government had instead taxed consumers? iv)

Extra Credit (5 points): What size tax should the government implement if they want to collect exactly $64 in revenue? Note, there are multiple tax sizes that would work. Report all of them for complete credit.

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