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The demand curve is given by the equation QD = 1150 - 100p and the supply curve by QS = 100p - 50
1150 - 100p = 100p -50
Find the equilibrium price and quantity.
Equilibrium price is 6 and the quanity is 550.
Find the consumer surplus if price is equal to the equilibrium price.
1/2*275*2.75 = 378.125
Find the producer surplus if price is equal to the equilibrium price.
8.25*275= 2,268.75
Now what if the government imposes $2 tax on sellers.
Calculate the price consumers pay and price producers receive after tax.
Calculate the consumer and producer surplus after tax.
Calculate the deadweight of the tax.
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Illustrate what impact could this have on the level of production and therefore the unemployment rate.
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