Homework Answers
if demand were less elastic
the deadweight loss would be LESS
Because the consumer is not able to substitute the good which result the demand will not fall that much
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Suppose you have the information shown in the table below about the quantity of a good...
You did not receive full credit for this que Suppose you have the information shown in...
You did not receive full credit for this que Suppose you have the information shown in the table below about the quantity of a good supplied and demanded at various prices Price (S) Quantity demanded Quantity supplied 180 50 40 30 20 140 100 60 20 40 20 10 60 80 a. Draw the demand and supply curves from the data provided. Instructions: Use the tools provided (D1 and S1) to plot the demand curve (5 points total) and the...
For quick access, place your bookmarks here on the bookmarks bar. Import bookmarks now... Suppose you...
For quick access, place your bookmarks here on the bookmarks bar. Import bookmarks now... Suppose you have the information shown in the table below about the quantity of a good supplied and demanded at various prices. 40 100 10 a. Draw the demand and supply curves from the data provided. Instructions: Use the tools provided (D1 and S1) to plot the demand curve (5 points total) and the supply curve (5 points total) Price (5) Quanoty MacBook Air sC 8...
not sure from my answers ^^ Q18 (1 point). The table below shows the demand and...
not sure from my answers ^^
Q18 (1 point). The table below shows the demand and supply schedules for peanuts. Suppose the government imposes a 12 cent tax on buyers and a 48 cent tax on sellers. What is the new equilibrium quantity sold? 40 60 оооо 80 100 P Demanded Q Supplied 20 4.00 140 4.10 130 40 4.20 120 60 110 80 4.30 4.40 100 100 90 120 4.50 4.60 80 140 70 4.70 4.80 160 180 60...
Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the...
Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the following table. Column 3 shows the quantity demanded of good A by a household when household income is $60,000. Column 4 shows the quantity demanded of good A when household income is $70,000 (2) (3) (1) Quantity Quantity demanded Quantity demanded Price Supplied (income = $ 60,000) (income = $70,000) $10.00 100 60 20 $8.00 80 80 30 $6.00 60 90 60 40 100...
C. Quantity supplied increases at P. D. Quantity supplied decreases at P. E. None of the...
C. Quantity supplied increases at P. D. Quantity supplied decreases at P. E. None of the above is correct Question 5-15 In the durian market, the demand curve is given by P = 22 - 20s and the supply curve is given by P = 20. + 6. Answer the following questions Question 5 What is the equilibrium price? The equilibrium price is $7.00. Question 6 What is the equilibrium quantity? The equilibrium quantity is 4. Question 7 What is...
A market is described by the following supply and demand curves: Qs = 3P Qd =...
A market is described by the following supply and demand curves: Qs = 3P Qd = 400-P The equilibrium price is S and the equilibrium quantity is Suppose the government imposes a price ceiling of $80. This price ceiling is , and the market price will be supplied will be . and the quantity demanded will be . Therefore, a price calling of $60 will result in the quantity the quantity Suppose the government imposes a price floor of $80....
Suppose the market supply and demand for a good is given by QP = 390 -...
Suppose the market supply and demand for a good is given by QP = 390 - 30P, and QS = 20P - 10, where Pis the price measured in dollars, QS is the quantity supplied, and QP is the quantity demanded. The government imposes a per-unit tax of $2. By how much will the quantity sold change because of the tax? What is the per-unit burden of tax on buyers? What is the per-unit burden of tax on sellers?
The table below shows the market for probiotic yoghurt in Canada. Quantity Supplied (1) Quantity Demanded...
The table below shows the market for probiotic yoghurt in Canada. Quantity Supplied (1) Quantity Demanded (2) Quantity Demanded (3) Quantity Supplied (2) Quantity Demanded (1) 130 125 120 Price ($) per carton 1.75 2.00 2.25 2.50 2.75 3.00 3.25 8 115 110 105 100 60 70 0 90 100 110 a. Suppose the price of a complementary product were to increase causing the demand to change by 20. Show the new demand in column 4 in the table above....
Q19 (1 point). The table below shows the demand and supply schedules for peanuts. Suppose the...
Q19 (1 point). The table below shows the demand and supply schedules for peanuts. Suppose the government imposes a 12 cent tax on buyers and a 48 cent tax on sellers. How much tax revenue, in dollars, is collected by the government from the tax? Numerical answer Q Supplied Q Demanded 140 4.00 20 4.10 130 40 4.20 120 60 4.30 110 80 4.40 100 100 4.50 90 120 4.60 80 140 4.70 70 160 4.80 60 180 4.90 50...
Tax Problem: Suppose the demand curve for a good is given by Q D = 10...
Tax Problem:
Suppose the demand curve for a good is given by Q D = 10 - 2P and
the supply curve is given by
Q S = -2 + P.
a) (4 points) Find the equilibrium price and quantity in the
absence of any government intervention.
b) (6 points) Now suppose the government imposes a tax of t = 3.
Find the new equilibrium price at
which the good is sold in the market and the quantity of the...
You did not receive full credit for this que Suppose you have the information shown in the table below about the quantity of a good supplied and demanded at various prices Price (S) Quantity demanded Quantity supplied 180 50 40 30 20 140 100 60 20 40 20 10 60 80 a. Draw the demand and supply curves from the data provided. Instructions: Use the tools provided (D1 and S1) to plot the demand curve (5 points total) and the...
For quick access, place your bookmarks here on the bookmarks bar. Import bookmarks now... Suppose you have the information shown in the table below about the quantity of a good supplied and demanded at various prices. 40 100 10 a. Draw the demand and supply curves from the data provided. Instructions: Use the tools provided (D1 and S1) to plot the demand curve (5 points total) and the supply curve (5 points total) Price (5) Quanoty MacBook Air sC 8...
not sure from my answers ^^
Q18 (1 point). The table below shows the demand and supply schedules for peanuts. Suppose the government imposes a 12 cent tax on buyers and a 48 cent tax on sellers. What is the new equilibrium quantity sold? 40 60 оооо 80 100 P Demanded Q Supplied 20 4.00 140 4.10 130 40 4.20 120 60 110 80 4.30 4.40 100 100 90 120 4.50 4.60 80 140 70 4.70 4.80 160 180 60...
Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the following table. Column 3 shows the quantity demanded of good A by a household when household income is $60,000. Column 4 shows the quantity demanded of good A when household income is $70,000 (2) (3) (1) Quantity Quantity demanded Quantity demanded Price Supplied (income = $ 60,000) (income = $70,000) $10.00 100 60 20 $8.00 80 80 30 $6.00 60 90 60 40 100...
C. Quantity supplied increases at P. D. Quantity supplied decreases at P. E. None of the above is correct Question 5-15 In the durian market, the demand curve is given by P = 22 - 20s and the supply curve is given by P = 20. + 6. Answer the following questions Question 5 What is the equilibrium price? The equilibrium price is $7.00. Question 6 What is the equilibrium quantity? The equilibrium quantity is 4. Question 7 What is...
A market is described by the following supply and demand curves: Qs = 3P Qd = 400-P The equilibrium price is S and the equilibrium quantity is Suppose the government imposes a price ceiling of $80. This price ceiling is , and the market price will be supplied will be . and the quantity demanded will be . Therefore, a price calling of $60 will result in the quantity the quantity Suppose the government imposes a price floor of $80....
Suppose the market supply and demand for a good is given by QP = 390 - 30P, and QS = 20P - 10, where Pis the price measured in dollars, QS is the quantity supplied, and QP is the quantity demanded. The government imposes a per-unit tax of $2. By how much will the quantity sold change because of the tax? What is the per-unit burden of tax on buyers? What is the per-unit burden of tax on sellers?
The table below shows the market for probiotic yoghurt in Canada. Quantity Supplied (1) Quantity Demanded (2) Quantity Demanded (3) Quantity Supplied (2) Quantity Demanded (1) 130 125 120 Price ($) per carton 1.75 2.00 2.25 2.50 2.75 3.00 3.25 8 115 110 105 100 60 70 0 90 100 110 a. Suppose the price of a complementary product were to increase causing the demand to change by 20. Show the new demand in column 4 in the table above....
Q19 (1 point). The table below shows the demand and supply schedules for peanuts. Suppose the government imposes a 12 cent tax on buyers and a 48 cent tax on sellers. How much tax revenue, in dollars, is collected by the government from the tax? Numerical answer Q Supplied Q Demanded 140 4.00 20 4.10 130 40 4.20 120 60 4.30 110 80 4.40 100 100 4.50 90 120 4.60 80 140 4.70 70 160 4.80 60 180 4.90 50...
Tax Problem:
Suppose the demand curve for a good is given by Q D = 10 - 2P and
the supply curve is given by
Q S = -2 + P.
a) (4 points) Find the equilibrium price and quantity in the
absence of any government intervention.
b) (6 points) Now suppose the government imposes a tax of t = 3.
Find the new equilibrium price at
which the good is sold in the market and the quantity of the...
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