A market is represented by Q 20P- 2,180 and Q-5,260-30P where Q is measured in tonnes and P is measured in dollars/tonne. At the current market price is $142/tonne, then there is excess supply (or a surplus) of 340 tonnes. demand (or a shortage) of 136 tonnes. demand (or a shortage) of 340 tonnes. supply (or a surplus) of 1,000 tonnes. supply (or a surplus) of 136 tonnes. supply (or a surplus) of 204 tonnes. demand (or a shortage) of 1,000 tonnes. demand (or a shortage) of 204 tonnes., supply (or a surplus) of 660 tonnes. demand (or a shortage) of 660 tonnes.

A market is represented by Q 20P- 2,180 and Q-5,260-30P where Q is measured in tonnes and P is measured in dollars/tonne. At the current market price is $142/tonne, then there is excess supply (or a surplus) of 340 tonnes. demand (or a shortage) of 136 tonnes. demand (or a shortage) of 340 tonnes. supply (or a surplus) of 1,000 tonnes. supply (or a surplus) of 136 tonnes. supply (or a surplus) of 204 tonnes. demand (or a shortage) of 1,000 tonnes. demand (or a shortage) of 204 tonnes., supply (or a surplus) of 660 tonnes. demand (or a shortage) of 660 tonnes.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 11E: Federal excise taxes on gasoline vary widely across the developed world. The United States has the...

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Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or Â£0.07 per liter), Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while Britain has the highest tax at $2.83 a gallon or Â£0.5 per liter. If gasoline taxes are intended to reduce the time losses from road congestion in urban environments and gasoline pre-tax costs about Â£0.40 per liter, why might the optimal tax in Canada be 50 percent higher than in the United States? What would be an explanation for why adjacent countries would have such different estimates of the price elasticity of demand for auto driving?16
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