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- Imagine an excise tax levied on the sellers of cigarettes. Assume that the tax is $2.00 per pack. Assume that the market for cigarettes is perfectly competitive. a. Draw a downward sloping market demand curve for cigarettes and an upward sloping supply curve. Draw the demand curve to represent fairly inelastic demand with respect to price (but not completely vertical.) Draw the supply curve to represent fairly elastic supply with respect to price (but not completely horizontal). Label the horizontal axis as the quantity of packs of cigarettes and the vertical axis the price per pack. b. What happens to the equilibrium quantity of cigarette packs once the tax is imposed? c. Is there a reduction in consumer and producer surplus? If so, show the reduction in the graph. d. What happens to the price paid by the consumer and the price received by the seller in this transaction? Who bears more of the economic incidence of the tax?1. Suppose the demand for towels and supply of towels are given by the below: QD = 100 - 4P QS = P a. Find the equilibrium price and quantity using demand and supply functions above. b. Plot demand and supply curve on the same graph and point out the equilibrium quantity and price. You should draw each graph precisely with intercepts and slopes. c. Solve for the price elasticities of demand and supply at the equilibrium point. Which is more elastic: demand or supply? Simply explain why. d. Suppose there was a demand shock so that at each price 20 more towels are demanded since consumers want more. Plot the new demand curve on the graph that you derive in part (a). Find the new equilibrium price and quantity. (Hint: You may derive a new demand function by adding a constant to find a new equilibrium price and quantity.)which of the following goods would be most inelastic in demand? -Ford -Cars -Toyota -Ford Escape -Dont have enough information in the question we can conclude that the good is ____in demand -elastic -unit elastic -inelastic -perfectly inelastic -perfectly elastic
- Consider the following excerpt: "Steve Cannon, CEO of the AMB Group, Blank's holding company, told ESPN that although food and beverage prices ere 50 percent lower in its new Mercedes-Benz Stadium than the prices in the Georgia Dome the previous year, fans spent 16 percent more." If there has been no change in the demand for concessions at football games, which of the following is true? Oa. Demand for concessions is always elastic b. At the initial prices, demand was inelastic. Oc. The demand curve for concessions slopes upwards Od. Concessions are an inferior goodSolve this attachment2. What is the application of the “elasticity” concept in economics? How does it help a producer decide the revenue maximizing price? Explain.
- Many movie consumers who used to rent DVDs are now patronising online video rentals, especially, streaming services. a. What impact did the advent of online video rentals and streaming have on the in-store movie industry? Use the demand and supply diagram to illustrate your answer. State all your assumptions. b. Which would be more price elastic, the demand for Netflix online streaming or the demand for online movie rentals in general? c. Would the price elasticity of demand for online movie rentals and in-store movie rentals be positive or negative? what does yoyr answer imply for the equilibrium price and quantity of online movie rentals? Use the demand and supply diagram to illustrate your answer. d. Because of COVID-19, most people are staying indoors yet they cannot afford online streaming movies, like Netflix. Should the Government regulate the price of online streaming? discuss pros and cons of price regulation.Demonstrate the welfare loss of: a. A restriction on output when supply is perfectly elastic. Graph the welfare loss of a quantity restriction equal to a maximum of Q=6. Instructions: Use the 3-point tool 'Loss' to identify the welfare loss. Click and drag each of the endpoints of the shaded area until the triangle highlights the desired region. Price 18- 16- 14- 12- 10 D 18 20 4 LossSuppose a firm sells two goods, Good A and Good B. Use the following information to answer questions that follow:Profit maximising price of Good A = R200Profit maximising price of Good B = R75MC at Q* of Good A = R120Total revenue of Good A = R26000Total revenue of Good B = R24000Rothschild index of Good B = 0.4Price elasticity of the market demand for Good B = -2 2.1. Calculate each of the following:Ed of Good A = ____________Ed of Good B =__________MC at Q* of Good B = R___________ 2.2 Suppose that the firm noticed that when it increased the price of Good A from R200 to R300, the sales of Good B decreased from 1000 to 600 units. Calculate and classify the cross-price elasticity of demand between Good A and Good B.Ec =____________Good A and Good B are classified as (substitutes/compliments) 2.3. Use the elasticity coefficient calculated above and the information provided, to calculate by how much the firm’s total combined revenue will change if it decreases the price of Good A by…
