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1. Suppose the demand for a product is given by P = 40 4Q. Also, the supply is given by P = 10 + Q.?
A) What is the equilibrium price and quantity of the product??
B) What is the price elasticity of demand at the equilibrium price???
2. For the next 3 questions, assume that there is a $10 per unit excise tax levied on the consumers of the product?
C) What price will buyers pay after the tax is imposed??
D) What is the deadweight loss created by the tax??
E) What is the quantity of the good that will be sold after the tax is imposed?
Dunkin Donuts raises the price of its French Vanilla coffee by 15%. The demand for Dunkin Donuts glazed doughnuts will change by what percentage and in what direction?
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