c. Now consider a market for housing. Suppose a city has 1,000 residents, each resident has a demand curve for housing equal to Qd = 50 –p. The supply curve for homes is Qs=1000. How many homes will be sold in the market? Calculate the consumer surplus, producer surplus, and total economic surplus. d. Now suppose the government imposes a $20 tax on each home sold. How many homes will be sold in the market? At what price? Calculate the consumer surplus, producer surplus, tax revenue generated, dead weight loss and total economic surplus.

What is the relationship between marginal cost (MC) curves and average cost (AC) curves? You may use a graph help you illustrate whenever necessary.

1.Prepare a table with MC, ATC, AVC and AFC curves. Be sure to INCLUDE NUMBERS IN YOUR GRAPH. ALSO, PLOT THE CURVES Please create a picture illustration using the provided instructions. Example numbers may be used to complete the question. Please include details as I need an understanding of the material. If you don't understand the question skip it please.

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