Problem
Consider a mineral that is in fixed supply, Qs =4. The demand for the mineral is given by QD= 10- 2p,where pis the price per pound, and QDis the quantity demanded. The government imposes a tax of $2 per pound on the consumer,
(a) What is the price paid by the consumer before the tax is imposed, and in the post-tax equilibrium?
(b) What is the price received by producers?
(c) How much revenue is raised?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.