Q16 (1 point).
Refer to the figure entitled "Market for Meds". If a production quota of 20 units is imposed, what will be the deadweight loss?
5
10
15
20
Q17 (1 point).
Refer to figure entitled "Market for Gourmet Burgers". Suppose a tax of $2 per burger is imposed on the consumers, what will be the new equilibrium market price and quantity?
$4, 4
$6, 4
$4, 6
$6, 6
None of the above.
16. The correct answer is 20.
Because dead weight loss = 1/2×( 6-4)×20
So dead weight loss = 1/2×2×20 = 20.
17 The correct answer is $6, 4
Because after Imposing of tax the price paid by consumer = 5 + 1(tax) = $6 and price received by producer = 5 - 1(tax) = $4. And at price $6 the quantity Demanded is 4 units..
Q16 (1 point). Refer to the figure entitled "Market for Meds". If a production quota of...
Refer to the figure entitled "Market for Meds". If a production quota of 20 units is imposed, what will be the change in consumer surplus? ОООО O Consumer surplus will increase by 22.5. Consumer surplus will decrease by 22.5. Consumer surplus will increase by 25. Consumer surplus will decrease by 25. Market for Meds 10 So Price (in $) 2 Do 0 0 10 20 40 30 Quantity Refer to the figure entitled "Market for Meds". If a production quota...
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