Homework Answers
Since the equilibrium is determined by the equality of demand and supply curve.
After that tax is imposed on the sellers.
a.
Size of the tax is=P2-P0
b.
Equilibrium quantity before tax is Q1 quantity.
c.
Equilibrium quantity with tax is Q0 quantity.
d.
Price paid by the consumer before tax was P1.
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Shortage:
Full economic price: $
b. Suppose demand is D and supply is S0. If a price
floor of $12 is imposed, what is the resulting surplus? What is the
cost to the government of purchasing any and all unsold
units?
Surplus: units
Cost to government: $...
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