Question

Questions 2-4 examine the market for Zeds. The demand for Zeds is given by Q- 12,500-500P and the supply by Q 2500+250P. 2) Find the equilibrium price and quantity in this market. 3) Suppose that a S1.20 per unit excise tax is placed on the Zed producers. What is the new equilibrium price and quantity? b. a. What do buyers pay per unit? What is the total consumer expenditure? What do sellers get per unit? What is the total seller revenue? c. d. How much tax revenue is collected? Suppose that instead of an excise tax, a 6.25% sales tax is placed on the consumers of Zeds. a. What is the new equilibrium price and quantity? b. What do buyers pay per unit? What is the total consumer expenditure? c. What do sellers get per unit? What is the total seller revenue? d. How much tax revenue is collected? 4) 5) Suppose that demand is given by - 1000-50P and supply by Q -200 Find the equilibrium price and quantity. a. If this good can be bought and sold on the world market at a price of $10/ur what quantity will be purchased domestically? What quantity will be produ domestically? What quantity will be imported? b. If the government, in an effort to help domestic producers, decides to limit imports to only 200 units what will be the new price of the good?

Answer 1

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