User Account

All Pages

What are the competitive equilibrium price and output

Assignment Help Business Economics
Reference no: EM132284777

Suppose that demand is given by P=120-3Q, and supply is given by P=10+Q.

a. What are the competitive equilibrium price and output

b. If a per unit tax of $10 is imposed, what happens to the price paid by consumers, the price received by suppliers, and the quantity consumed?

c. How much total tax is generated?

d. Who bears the burden of the tax?

e. How much is the deadweight social welfare loss due to the tax?

Reference no: EM132284777

Questions Cloud

What factors are affecting the profitability of toyota : Which of these factors can the company control to improve profitability? What strategy would you suggest to improve the profitability?
Write a researched analysis of a cultural artifact : The Assignment For this Essay, you will write a researched analysis of a cultural artifact. Your argument should analyze the artifact or the artifact's relation
Managed to eliminate many aspects of inequality : Write a mini-case study of an organization that has managed to eliminate many aspects of inequality in how it operates
How does the ethical issue apply to real life : What do you believe is the "right" decision - to stay and accept or to walk away? How does this ethical/moral issue apply to real life, and in real life?
What are the competitive equilibrium price and output : Suppose that demand is given by P=120-3Q, and supply is given by P=10+Q.
Discuss positive and negative impact of performance reviews : Discuss the positive and negative impact of performance reviews on employee morale, retention, and business operations improvement
Contribute to the high cost of healthcare in the us : What are instances of economic failure that have contributed to this cost escalation? What should we do about them?
Business to business and business to customer : Business letters come in two different types; business to business, and business to customer.
What are the critical values : a) What are the critical values, or the value of Q1 and Q2 that might maximize the profit, of this firm?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd