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Suppose you are given Qs=2P and Qd=120-P
a) What is equilibrium price and quantity? show the results in graph (plot P in the vertical axis, and q is horizontal axis)
b) Suppose per unit tax, T is imposed on buyers. Then what is the equilibrium quantity and equilibrium price? Now, assume T=30, then what will be equilibrium price and quantity. (Hint: use P is the price producer receives, and P+T is price paid by the buyer).
c) If tax is imposed on seller what will be the equilibrium (here P is the price paid by the buyer and (P-T) is the price received by the seller). If T=30, show that the price received by seller is same in b) and c ) and the price paid by the buyer are same in both b and c.
d) What is amount of Deadweight Weight Loss (DWL)?
e) If tax is doubled from $30 per unit to $60 dollar per unit, what will be the DWL? Do you think DWL will be just double now?
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a. How much of each good will he demand b. A tax is placed on x so that x now costs Max $2 while his income and the price of y stay the same. How much of good x does he now demand. Would Max be as well off as he was before the tax.
You are buying a new car for $20,000. You put $2000 down and are financing the balance. You signed a contract for the loan for 4 years. Your loan has an interest rate of 8% interest (APR). You make monthly payments and the interest is compounded m..
Assume market demand increases and that the new demand curve is nowQd = 50 - P. Further assume the government provides to eachfirm, a subsidy of $40 per unit of output produced. Thus the supply curve now becomes Qs = 10 + 2(P+40).
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