tormation = 240 - SP where Q is the quantity demanded, O is the quantity supplied and P is the price uppose that the government decides to impose a tax of $12 per unit on sellers in this market letermine eller's price after tax

Can you explain this please

H B G 1 hour 30 minutes 45 minutes 15 minutes S D 12 Quantity 2 10 If buyers in this market have to wait in line to purchase this good after a $1 price ceiling is imposed, each buyer purchases only one unit of the good, and buyers in the market value their time at $8 per hour, how long will the line have to be to clear the market?

on Consider the market for tablets depicted below (think iPad or Microsoft Surface). If a price ceiling is adopted at $600, then there will be a shortage of units. P $800 $600 0 75 100 125 S₁ D₁

Price of Gasoline P3 P₂ P₁ 0 9₂ 9₂ 52 D S₁ Price Ceiling Quantity of Gasoline Refer to the figure above. With a price ceiling present in this market, what will happen when the supply curve for gasoline shifts from S₁ to S₂? The market price will stay at P₁ due to the price ceiling. A shortage will occur at the price ceiling of P2. The price will increase to P3. A surplus will occur at the new market price of P₂.

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Define consumer and producer surplus and give a geometric interpretation of each.

e inverse supply function for pizza is: PS = 4 + QS The inverse demand function for pizza is: PD = 10 - QD The price paid by consumers after the government introduces a $2 tax on production is: (Hint: it would be a mistake to do 'Equilibrium Price + $2')

Comsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…

S 10 - 12 15 Refer to the figure 3.9. A surplus will exist when the price equals $10. the price equals $6. the price is between $0 and $6. quantity demanded equals 15. 8. 6, 2.