4. Assume that the demand function for a commodity is given by 2. and that the supply function is given by 2, =1+0.05P where P is the price, Q, is the quantity demanded and Q, is the quantity supplied. Suppose the government levies a tax of t Ghana Cedis per unit sold so that the producer receives (p-t) Ghana Cedis if the consumer pays p Ghana Cedis per unit. If the market is in equilibrium and the tax is increased, how will the price, quantity and tax revenue change once equilibrium has been attained?

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A: Tax revenue before tax change = Old tax * quantity = 0.15 cents * 800 = 120 $

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Q: Suppose demand and supply are given by ? = 500-2P and ? =-100+3P a) Which function is the demand…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Suppose that the demand and supply functions for a good are given as follows: Demand: Q = 720 – 8P…

A: Demand : Qd=720-8P Supply : Qs=-160+3P Equilibrium: Demand=Supply Qd=Qs 720-8P=-160+3P…

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A: We are going to use Utility maximisation method to answer this question.

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A:

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Q: 17. Consider a perfectly elastic demand curve at p = 10, and a supply curve given by the following…

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Q: 6. In the following question you are asked to determine, other things equal, the effects of a given…

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Q: 11. that a market is described by the a. Solve for the equilibrium price and the following supply…

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A: We show that  deadweight loss from the tax given below

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A: Correct: Supply shifts to the right while demand stays the same.

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A: we have 3p - Qs = 3 or 3p = 3 - Qs P = 1 - 0.3Q government impose a tax, t.

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A:

Q: 1. Given the market for electric cars: a) Give practical examples of what the main three categories…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: 3. The price-supply and price-demand equations of a certain product are given by p = S(x) = 15 +…

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Q: Solve the attachment

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A: Given: Demand function: Qd = 50 - 3P Supply function: Qs = -6 + 4P