eco101 topic quiz surplus q_a

Given the supply - demand function of printers in Vietnam as follows:Sx = -20000 + 250PDx = 160000-350PKnowing that Vietnam is considered a small country, the price of a printer on the world market is $120/piece.a. If the Government of Vietnam levies an import tax of 25% on this item, calculate the loss to domestic consumers. How much is the import tax revenue from the Vietnamese government's printer products in this case?b. Due to the commitment to integration, the Government of Vietnam applies an import tax rate of 12.5% for printers, calculate the change in the import tax revenue of the Government of Vietnam.c. To ensure that there are no more imports, what is the minimum tax rate that the Vietnamese government should set?

The market for tomatoes is competitive and characterized by a demand function of the form QD = 60000 - 4000p and a supply function of the form Qs = 6000p -30000, where quantity is measured in kilograms and p is the price per kilogram. %3D Suppose the government starts to charge sales tax on tomatoes. The tax is at 5% for every dollar a consumer spends on on tomatoes. 1. Calculate the equilibrium prices and quantity under the value tax 2. Calculate the government tax revenue, and the deadweight loss of the tax.

Suppose the demand and supply functions for a product are given by Pd = 200 - 3Qd and Ps = 40 + 2Qs, respectively. A $25 per unit subsidy is given to buyers. With the subsidy, how much less buyers will pay for a product? (Note: If your answer is a whole number, then there is no need to round to 2 decimal places. If your answer is "200 dollars", please key in 200 directly without any unit or dollar sign.)

If the demand of the condominiums demand is inelastic, that is, it is a normal good, and when the price of the condominiums will decrease, then the demand of the people for the product will increase because the consumer surplus will exist when the money spent by the people will be more as compared to the price which is to be charged for the product. As the price will decrease, the people will prefer to buy more because it is already a normal good and demand for more. Pertaining to the supply of Condominiums in response to the demand of Nagenyos, enumerate at least two (2) possible effects of the determinants of demand (a) price, (b) income, (c) prices of related goods like apartments and residential houses, and (d) consumer taste and expectation, and the determinants of supply (a) flexibility of inputs, (b) mobility of inputs, (c) ability to produce substitute and (d) time.

the inverse demand function for mangos is p=6-0.5q, where q is the number of crates that are sold. The inverse supply function is p=q. In the past there was no tax on mangos but now a tax of 3$ per crate has been imposed on suppliers. What are the quantities produced before and after the tax was imposed? How much tax is raised?

The demand curve in the market of grapefruit is Qd = 120 - 2Pd and the marginal cost of production is constant at $38. If a tax of $17 is imposed, the price received by the producers is $[Answer] less for each unit sold. (In decimal numbers, with two decimal places, please.) Note: don't use any ai bot tool.

The inverse supply function for gum is PS = 4 + QS. The inverse demand function for gum is PD = 16 - QD. By how much does producer surplus decrease when a $2 tax on production is implemented? (Please round your answer to 1 decimal place, e.g., 1.2, -3.4).

The following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. PRICE (Dollars per pinckney) 37.50- 30.00 22.50 Demand Result Per-unit A B D с E 2.5 Supply QUANTITY (Pinckneys) Complete the following table, given the information presented on the graph. Equilibrium quantity after tax Price producers receive before tax $ Value ?

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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?

Suppose the demand and supply functions for a product are given by Pd = 200 - 3Qd and Ps = 40 + 2Qs, respectively. A $25 per unit subsidy is given to buyers. The equilibrium quantity will increase by (Note: If your answer is a whole number, then there is no need to round to 2 decimal places.)

The market demand function for corn is Q = 30 - 2P. The market supply function is QS = 5P-2.5, both measured in billions of bushels per year. Suppose the government imposes a $8.10 tax per bushel. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by the tax? Instructions: Round your quantities to the nearest whole number. Round prices, surpluses and deadweight losses to 2 decimal places. a. What are the initial equilibrium effects? Complete the table below. Initial equilibrium price Initial equilibrium quantity Initial equilibrium consumer surplus Initial equilibrium producer surplus After-tax equilibrium price After-tax equilibrium quantity After-tax equilibrium consumer surplus After-tax equilibrium producer surplus $ Government revenue After-tax equilibrium aggregate surplus Deadweight loss Before the tax Initial equilibrium aggregate surplus b. What are the effects after the government imposes a $8.10 tax…

The market demand function for corn is Q¹ = 30 - 2P. The market supply function is Q = 5P-2.5, both measured in billions of bushels per year. Suppose the government imposes a $8.10 tax per bushel. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by the tax? Instructions: Round your quantities to the nearest whole number. Round prices, surpluses and deadweight losses to 2 decimal places. a. What are the initial equilibrium effects? Complete the table below. Initial equilibrium price Initial equilibrium quantity Initial equilibrium consumer surplus Initial equilibrium producer surplus After-tax equilibrium price After-tax equilibrium quantity After-tax equilibrium consumer surplus After-tax equilibrium producer surplus $ Government revenue After-tax equilibrium aggregate surplus Deadweight loss $ Initial equilibrium aggregate surplus b. What are the effects after the government imposes a $8.10 tax per bushel.…

The demand and supply curves for a price taking firm are as follows:   Qd = 10- 0.5 Pd Qs= -2+Ps, when Ps>=2 Qs= 0, when Ps<2 where Qd is the quantity demanded when the price consumers pay is Pd, and Qs  is the quantity supplied when the price producers receive is Ps. Answer the questions below: Suppose the government imposes an excise tax of 3 TL per unit. What will the new equilibrium quantity be? What price will buyers pay? What price will sellers receive? Calculate consumer surplus (CS), producer surplus (PS) and deadweight (DWL) loss in this case. (Use a diagram while answering the question, show CS, PS and DWL loss areas in your diagram.

A 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…

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Given the supply - demand function of printers in Vietnam as follows: Sx = -20000 + 250P Dx 160000-350P Knowing that Vietnam is considered a small country, the price of a printer on the world market is $120/piece. a. If the Government of Vietnam levies an import tax of 25% on this item, calculate the loss to domestic consumers. How much is the import tax revenue from the Vietnamese government's printer products in this case? b. Due to the commitment to integration, the Government of Vietnam applies an import tax rate of 12.5% for printers, calculate the change in the import tax revenue of the Government of Vietnam. c. To ensure that there are no more imports, what is the minimum tax rate that the Vietnamese government should set?

Suppose that the market for product X is characterized by a typical, downward-sloping, linear demand curve and a typical, upward-sloping, linear supply curve. If a $2 tax per unit results in a deadweight loss of $200, how large would be the deadweight loss from a $4 tax per unit?

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Consider the following market demand and supply: Demand: P = 16 - 4Qd Supply: P = 6+ 3Qs If the market is at equilibrium, what is the producer surplus? Note: Express your answer in units of dollars, to at least two digits after the decimal. 3.06

The following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has Just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. Demand Supply 16, 18 21.00 18.00 15.00 QUANTITY (Pinckneys) Complete the following table, given the information presented on the graph. Result Value Per-unit tax $6.00 Equilbrium quantity before tax Price producers recelve before tax $18.00 In the following table, indicate which areas on the previous graph correspond to each concept. Check all that apply. Concept D. Deadweight loss after the tax is imposed Consumer surplus after the tax is imposed Producer surplus before the tax Is imposed PRICE (Dotars per pinckney) 口□□

Based on the diagram below, if a $60 per-unit subsidy were implemented in this market, what would the effective price received by producers become? Enter your answer in whole dollars.

In recent years, the government of Pakistan has established a support price for wheat of about $0.20 per kilogram of wheat. At this price, consumers are willing to purchase 10 billion kilograms of wheat per year, while Pakistani farmers are willing to grow and harvest 18 billion kilograms of wheat per year. The government purchases and stores all surplus wheat. Suppose that the market-clearing price of Pakistani wheat in the absence of price supports is equal to $0.10 per kilogram. At this price, the quantity of wheat demanded is 12 billion kilograms. Under the government wheat price-support program, how much more is spent each year on wheat harvested in Pakistan than otherwise would have been spent in an unregulated market for Pakistani wheat?

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If a tax of $1.20 is imposed on consumers in this market, what is the tax revenue?

The demand and supply equations for a product are: Q* = 0.2 300 – 6P and Q' = -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus and dead weight loss.

Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in a competitive market. Further suppose that your economist gives you the following supply and demand functions: Demand: = 50 – 2P Supply: Q° = - 10 +P. What is the consumer surplus in this market? Consumer surplus is $ (Enter your response rounded to two decimal places.) What is the producer surplus? Producer surplus is $ (Enter your response rounded to two decimal places.)

The demand function for beef is Qd = 100 – 3P and supply function for beef is Qs = 10 +2P. Price elasticity of demand is – 0.1 and price elasticity of supply is 0.02. ii. Calculate new price of beef in the market when government introduces a specific tax of N$0.25 per kg.

The demand and supply curves for a price taking firm are as follows:   Qd = 10- 0.5 Pd Qs= -2+Ps, when Ps>=2 Qs= 0, when Ps<2 where Qd is the quantity demanded when the price consumers pay is Pd, and Qs  is the quantity supplied when the price producers receive is Ps. Answer the questions below:  Explain in detail (using demand and supply curves), when a tax is imposed, who would burden the tax?

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Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p= D(z) = 40-2-0174176a dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = 0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is. (Your answer must begin with S.) The producers' surplus is Your answer must begin with $.)

US oil demand is given by P = 106 - 7 * Q, where P and Q are oil price and oil quantity (in barrel) demanded. How much does Consumer Surplus increase if the oil price per barrel in the world market decreases from $87 to $60?