Market demand for Mandrake roots is given by Q=417-4P and market supply is given by Q=3P. The government of Sodden needs money, so it imposes a per unit tax of $3 on mandrake root. What is the market quantity when the tax is imposed?
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Market demand for Mandrake roots is given by Q=417-4P and market supply is given by Q=3P. The government of Sodden needs money, so it imposes a per unit tax of $3 on mandrake root. What is the market quantity when the tax is imposed?
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- Market demand for Mandrake roots is given by Q=425-2P and marketsupply is given by Q=5P. The government of Sodden needs money, so it imposes a per unit tax of $5 on mandrake root. How much tax revenue do they raise with this tax?What is the price firms receive after the tax is in placeMarket demand for Mandrake roots is given by Q=472-4P and marketsupply is given by Q=3P. The government of Sodden needs money, so itimposes a per unit tax of $10 on mandrake root. What is the marketquantity when the tax is imposed?
- The market for N-95 masks is perfectly competitive. Market Demand is given by Q=464-2P and Market Supply is given by Q=5P. The government imposes a per-unit tax of $2. How much tax revenue does the government collect? Enter a number only, drop the $ sign. Note: you don't need to know who pays the tax to answer this question.If the tax is imposed on the sellers, shouldn't the 'T' be used alongside the supply 'q' not the demand 'q'? So would it not be q=b(p-T)-a?Suppose that a lumber-producing firm had a demand for the ability to burn sawdust given by: Q = 90- P. Where Q is amount of sawdust burned when the firm has to pay price (P) per unit of sawdust burned. Calculate the quantity of sawdust burned if there is a per unit tax of $26 per unit of sawdust burned. (Do not include a $ sign in your response. Round to the nearest 2 decimal places if necessary.) Answer: Check
- Given a demand curve of P = 92 - 2Q and a supply curve of P = 2 + Q, with a tax of 60, solve for the resulting quantity.The market for N-95 masks is perfectly competitive. Market Demand is given by Q=486-2P and Market Supply is given by Q-2P. The government imposes a per-unit tax of $5, what is the market quantity with the tax? Note: you don't need to know who pays the tax to answer this question.A specific tax will be imposed on a good. The supply and demand curves for the good are shown in the diagram below. Given this information, the burden of the tax: Price ($ per unit of output) Supply Demand Output O A) falls mostly on consumers. B) falls mostly on producers.
- Suppose that a tax of $6.00 is imposed on this market, what is the tax revenue?Suppose an economist estimates the price elasticity of demand for sugary drinks is -4.2, while its price elasticity of supply is 1.2. If the government decides to impose a per-unit tax of $9 per can of sugary drinks sold, how would the market price of sugary drinks be affected? Show your calculationA rice producing company faces the following demand function: Pd = 300 – 0.10Q. The firm’s accountant believes that the supply function of the company is given as: Ps = 100 + 0.10Q where P denotes price of a kilogram of rice GH¢ and Qd and Qs are the quantities demanded and supplied respectively. Based on this information: If the government now decides to impose a per unit tax of GH¢ 15 per unit on the quantity supplied and the company adjusts the supply function appropriately to include tax: Determine the new equilibrium price and quantity in the market for the company. Who pays a larger portion of the tax revenue? What is the total tax revenue to government? Calculate the deadweight loss to society. What type of elasticity of demand exists in the market? What type of elasticity of supply exists in the market after the tax imposition? Present graphically the results of the above questions. Given the type of price elasticity of demand in the market, what should the producer do to…
