mpatibility ModeP SearchMailingsReviewViewHelpText BoxAaBbCcI AaBbCcI AaBbC AaB AaBbcEEE E-T Normal1 No Spac.. Heading 1TitleSubtitleParagraphStylesb. Suppose that the government imposes a $1.00 tax on each CFL sold.Assume that producers pay the tax. What would be the new supplycurve? Show it both on the supply schedule and on the graph.e. After the imposition of the tax,1. What is the new equilibrium price?What is the new equilibrium quantity?1 ReferencesMailingsReviewViewHelpText BoxA A Aa AAaBbCcI AaBbCcI AaBbC A aB AaBbex A .A-三。田。T Normal 1 No Spac. Heading 1TitleSubtitntParagraphStyles3. The supply and demand schedules below describe the market for compactfluorescent lightbulbs (CFLS).PriceDemandSupply(millions)Same Supply Q nowat higher price withtax (millions)200Price +(millions)tax$2.00400200$2.50350250250$3.00300300300$3.50250350350$4.00200400400$4.50150450450$5.00100500500a. Graph the supply and demand curves, drawing them toscale,i What is the equilibrium price?ii. What is the equilibrium quantity?DFocurhp1410f7fefo144%$4&3.45.6.L.8.6.2:近%24%23

The equilibrium is where the demand and supply intersects, i.e. the point where both forces are…

3. The supply and demand schedules below describe the market for compact fluorescent lightbulbs (CFLS). Price Demand Supply (millions) Same Supply Q now at higher price with tax (millions) Price + (millions) tax $2.00 400 200 200 $2.50 350 250 250 $3.00 300 300 300 $3.50 250 350 350 $4.00 200 400 400 $4.50 150 450 450 $5.00 100 500 500 a. Graph the supply and demand curves, drawing them to scale. i. What is the equilibrium price? 11. What is the equilibrium quantity?

3. The supply and demand schedules below describe the market for compact fluorescent lightbulbs (CFLS). Price Demand Supply (millions) Same Supply Q now at higher price with tax (millions) Price + (millions) tax $2.00 400 200 200 $2.50 350 250 250 $3.00 300 300 300 $3.50 250 350 350 $4.00 200 400 400 $4.50 150 450 450 $5.00 100 500 500 a. Graph the supply and demand curves, drawing them to scale. i. What is the equilibrium price? 11. What is the equilibrium quantity?

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand, And Government Policies

Section: Chapter Questions

Problem 2CQQ

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