6. Consider the (inverse) demand functionP=a-bQAnd the (inverse) supply functionP=cQWhat is the equilibrium price and quantity in the market?а.b. What is the equilibrium price and quantity if the suppliers have to pay a tax t perunit sold?What is the equilibrium if the buyers have to pay a tax of tunit sold?с.per

Name: 6. Consider the (inverse) demand functionP=a-bQAnd the (inverse) supp
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Description: 6. Consider the (inverse) demand functionP=a-bQAnd the (inverse) supply functionP=cQWhat is the equilibrium price and quantity in the market?а.b. What is the equilibrium price and quantity if the suppliers have to pay a tax t perunit sold?What is th

Inverse Demand Function: In the inverse demand function change in price is dependent on change in…

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а. What is the equilibrium price and quantity in the market? b. What is the equilibrium price and quantity if the suppliers have to pay a tax t per unit sold? с. What is the equilibrium if the buyers have to pay a tax of t per unit sold?|

а. What is the equilibrium price and quantity in the market? b. What is the equilibrium price and quantity if the suppliers have to pay a tax t per unit sold? с. What is the equilibrium if the buyers have to pay a tax of t per unit sold?|

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer handbags in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per handbag) 500 450 400 Demand 350 300 250 200 Before Tax Supply 150 100 50 0 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags) + Equilibrium Consumer Surplus Producer Surplus ?
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1. The demand curve for cab rides is p = 5 · y where y represents passenger miles. %3D 1,000' The supply curve is p = 2 for y< 2,500 and it becomes perfectly inelastic at y = 2,500. (i) Find the equilibrium price and quantity. (ii) Find the consumers' surplus and producers' surplus. (iii) Suppose that an excise tax of e = 0.50 per passenger mile is imposed on suppliers. Find the new equilibrium price and quantity. (iv) Finally, suppose that a sales tax of t= 0.50 is imposed on consumers. (The excise tax is still in place.) Find the new equilibrium price and quantity. (v) Explain briefly why the economic burden of the tax and the deadweight loss from imposing the tax are different for the excise tax and the sales tax.