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Suppose the supply of a good is given by the equation Q 800P 2,400, and the...
7. Taxation - An algebraic approach Suppose the supply of a good is given by the equation 0= 360P – 360, and the demand for the good is given by the equation OP-840 - 120P. where quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit. The government decides to levy an excise tax of $2.00 per unit on the good, to be paid by the seller. Calculate the value of each of...
Suppose the supply of a good is given by the equation QS = 80P - 80, and the demand for the good is given by the equation QD= 280 – 40P, where quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit. The government decides to levy an excise tax of $3.00 per unit on the good, to be paid by the seller. Calculate the value of each of the following, before the tax and after...
Suppose the supply cf a good is given by the equation QS 50P -50, and the demand for the good is given by the equation oD - 175 -25P, where quantity (Q) Is measured in milions of units and price (P) is measured in dolars per unt. The government decides to levy an excise tax of $3.00 per unit on the good, to be paid by the seller. Calculate the value of each of the following, before the tax and...
7. Taxation An algebraic approach Suppose the supply of a good is given by the equation Q" = 48OP- 480, and the demand for the good is given by the equation QD = 960- 160P, where quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit. The government decides to levy an excise tax of $1.00 per unit on the good, to be paid by the seller. Calculate the value of each of...
1) Suppose that the demand curve for oranges is given by the equation 0200P+ 1000 with quantity (Q) measured in oranges per day and price (P) given in dollars per orange. The supply curve is given by 0 300P Suppose that a $1.00 per unit sales tax is placed on oranges. What are the equations for the new supply and demand curves? What is the new equilibrium price and quantity of oranges? What do buyers pay per unit? What do...
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...
3. The demand and supply for wine are given by Q-20-P and Q-3P, respectively. P is the dollar price of wine per bottle, and Q is the number of bottles (unit: thousand bottles). (1) What is the equilibrium price and quantity? (2) Suppose now the government imposes a per-unit tax of $4 on the sellers. Solve for the nevw equilibrium price and quantity, the price sellers received, and the price consumers paid. (3) Calculate the government tax revenue. (4) What...
For a perfectly competitive market, daily demand for a good is given by P-10-Q, where P ¡s price and Q is quantity. Supply is given by P = 2 + Q. Suppose the government imposes an excise tax of $2 on sellers in the market. (An excise tax is a tax per unit.) (a) What is the original (before the tax) producer surplus and (b)new (after the tax) producer surplus?
2. Suppose the demand and supply of a good are given as P = 80 - 2Q and P=20 + 4Q (a) Calculate the equilibrium price and quantity, algebraically. (b) Suppose a per unit tax of $12.00 is levied on sellers, show graphically the effect of this per unit tax on the equilibrium price and quantity if any in the market.
2. Suppose the demand and supply of a good are given as P = 80 - 2Q and P=20 + 40 (a) Calculate the equilibrium price and quantity, algebraically. (b) Suppose a per unit tax of $12.00 is levied on sellers, show graphically the effect of this per unit tax on the equilibrium price and quantity if any in the market.