ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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c. Now consider a market for housing. Suppose a city has 1,000 residents, each resident has a demand curve for housing equal to Qd = 50 –p. The supply curve for homes is Qs=1000. How many homes will be sold in the market? Calculate the consumer surplus, producer surplus, and total economic surplus. d. Now suppose the government imposes a $20 tax on each home sold. How many homes will be sold in the market? At what price? Calculate the consumer surplus, producer surplus, tax revenue generated, dead weight loss and total economic surplus.
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Transcribed Image Text:c. Now consider a market for housing. Suppose a city has 1,000 residents, each resident has a demand curve for housing equal to Qd = 50 –p. The supply curve for homes is Qs=1000. How many homes will be sold in the market? Calculate the consumer surplus, producer surplus, and total economic surplus. d. Now suppose the government imposes a $20 tax on each home sold. How many homes will be sold in the market? At what price? Calculate the consumer surplus, producer surplus, tax revenue generated, dead weight loss and total economic surplus.
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