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- Figure 4-4 Yasmine Mercedes Tprice 30 27 21 24 18 21 18 15 15 12 12 9. 9. 6. 6. 3- 3 D. 369 12 15 18 21 24 369 12 15 18 21 24 27 quantity Refer to Figure 4-4. If Yasmine and Mercedes are the only two consumers in the market, then the market quantity demanded at a price of $12 is Select one: O a. 3 units. Ob. 6 units. O c. 9 units. 12 unite REDMI NOTE 8 AI QUAD CAMERAUnder which circumstances does line tax burden fall entirely on consumers?8. Suppose we want regular cars to be gradually replaced by electric cars. There are several kinds of government interventions that could be used to make this happen, or at least to push the car market to produce and sell more electric cars. Explain how a tax could be used for this purpose, and then explain how a subsidy could be used for this purpose.
- 1. Suppose that the market demand for coffee is Pd = 15 - Qd and the market supply is Ps= Qs - 5. What is the equilibrium price and quantity for coffee? Suppose that the government imposes a tax of $1 per unit to reduce coffee consumption and raise government revenues. What will be the new equilibrium quantity? What price will the buyer pay? What price will the seller receive? A o F2 BE #3 ㅁㅁ F3 $ A t 4 OFFIC DEO DOD 000 F4 % 5 F5 MacBook Air 6 F6 & 7 L * 8$50 40 - 30- 2: 20 10 20 22 25 Number of Trips (1,000s per day) 5 10 15 е 3: This diagram shows the demand for trips across a bridge. If the price of crossing the bridge is $10.00 (which determines a quantity demanded of 20 trips in the graph), consumer surplus is ge 4: $44 $440 $400 $1008:31 * O E O N ll 97% I READ ONLY - This is an older file format. To ... Page 2 of 3 Q.4 Suppose the demand and supply curves given in Figure 2 below shows the market of smart phones. Using the Figure 2 given below, answer the following questions: FIGURE 2 Supply Curve ($) 9 8 7 6 5 4 3 1 Demand Curve (D) 1 3 4 5 6 7 8 9 Calculate the value of consumer and producer surplus at equilibrium. a. b. Suppose government imposes $1 per unit tax on buyers, what would be the new equilibrium price and quantity after tax. c. Discuss the incidence of the tax or in other words the effects of tax on the distribution of economie welfare d. Instead on buyers, if the tax in imposed on sellers, would the incidence of the tax be different? Why or why not? Discuss. Page 3 of 3 3 of 3 417 Words II
- A recent study found that the demand and supply schedules for financial calculators are as follows: Price/calculators Quantity Demanded Quantity Supplied 20 160 40 40 140 60 60 120 80 80 100 100 100 80 120 120 100 Co an Coll 80 60 40 D. 20 40 60 80 100 120 140 160 a) Determine: Price of Equilibrium_ and Quantity of Equilibrium b) Determine the effect of $60 Price Ceiling. Is it binding? Why? Will it cause Shortage or Surplus? And by how much? c) Determine the effect of $120 Price Floor. Is it binding? Why? Will it cause Shortage or Surplus? And by how much?8. Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown in the table below. Suppose that the government estab- lishes a price ceiling of $3.70 for wheat. What might prompt the government to establish this price ceiling? Explain care- fully the main effects. Demonstrate your answer graphically. Next, suppose that the government establishes a price floor of $4.60 for wheat. What will be the main effects of this price floor? Demonstrate your answer graphically. LO3.6 Thousands of Bushels Thousands of Demanded Price per Bushel Bushels Supplied 85 $3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81Figure 3 20 30- 16 24 12 10 • 6 ↑Price 4 2 is D 246 10 12 14 16 Danny Refer to Figure 3. Suppose a $4 per-unit tax is imposed on the sellers of this good. a. Would this shift the demand or supply curve, or both? In what direction(s)? b. By how much, if any, would the quantity change? c. What price would buyers pay for the good? d. How price would the sellers keep for selling each unit of the good? c. How much is the burden of this tax split between buyers and sellers in this market?
- 2. The following graph shows the demand and supply for i-Pods. Price 100 80 60 40 20 0 0 80 160 240 Quantity of i-pods 320 is D 400 a. What is equilibrium price and quantity? b. Suppose that a $20 per unit sales tax is placed on the product. What is the new equilibrium price and quantity? c. What proportion of the tax is paid by the consumer, and what proportion is paid by the seller in this case?Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 D₁ 24 6 8 10 12 14 16 18 there would be a shortage of 14 units. O there would be an excess supply of 6 units. O There would be a shortage of 4 units. consur ers would demand 14 units.Price (dollars per gallon) S2 $5.50 3.50 2.50 D Quantity (millions of gallons per month) 30 40 45 Assume the graph above illustrates a new tax put into the market for soft drinks. S2 is the supply curve with the $2 tax in place. What price would consumers pay if the tax was placed on consumers instead of producers? 1) $2.00 O 2) $3.50 3) $2.50 4) $1.50