Consider the following demand and supply curves: Demand: Price = 100-5Qd Supply: Price 5Qs Given this information find the total cost of 10 dollar subsidy given to consumers %3D %3!
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- Consider the following supply and demand curves: Demand: Price = 50-3.5*Qd Supply: Price = 20+.5*Qs Suppose now a 20 dollar subsidy was placed on consumers. Given this information find the resulting subsidy bill.Calculate the effect of a subsidy on the equilibrium price and quantity.Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 20 3 Explain the effect of the subsidy on the market forces and the equilibrium point
- The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 3 3 Explain the effect of the subsidy on the market forces and the equilibrium pointThe following equations describe the market for mapping printers in California: Demand: Price = 5,000 - 3Qd Supply : Price = 1,000 + 5Qs The government imposes a lump sum tax of $1,800/unit on the sellers. Find the change in consumer surplus as a result of the tax.The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 3 3 Describe THREE (3) other changes that could have the same effect on market supply of gasoline as the imposition of the subsidy
- The supply of book is perfectly elastic at a price of 200. The demand curve of consumer is given by the function Q=30000000-125000P, suppose that a 80 percent subsidy is imposed on the producer of book. calculate the excess burden resulting from the taxUse the graph below to answer the following questions: a) what is the level of producer surplus if the market clearing price is $6? b) calculate the change in producer surplus if price increases from $6 to $8. c) what is the elasticity of supply in the $6-$8 price range?explain the effect ofthe subsidy on the market forces and the equilbrium point
- In the market for therbligs, the supply curve is Ps=$10+$0.05Qs and whose market demand curve is Pd=$20-$0.10Qd . Find the quantity and price in equilibrium and record them using fractions rather than a rounded decimal. Calculate the elasticity of demand on the interval between the market equilibrium point and the point at which P=$15. Plot the diagram on graph paper and add in a price floor at $15. Show the resulting Cunsumer Surplus, Producer Surplus, and DeadWeight Loss. A quick way to calculate price elasticity at a point on a straight demand or supply curve is to remember the forula of elasticity.At the equilibrium price and quantity, calculate the elasticities of demand and supply. (Your answer for demand will be smaller than in #2.) If an excise tax is imposed on therbligs, what fraction of that tax will be borne by therblig sellers?The town council is contemplating the imposition of a R350 per month rent ceiling on apartment rooms in the town. An economist at the university estimates the demand and supply curves as: QD = 5600 - 8P QS = 500 + 4P, where P = monthly rent, and Q = number of apartments available for rent. For purposes of this analysis, apartments can be treated as identical. a) Calculate the equilibrium price and quantity that would prevail without the price ceiling.[1] b) Calculate producer and consumer surplus at this equilibrium. [3] c) Provide a rough sketch of the information calculated in (a) and (b). [2] d) What quantity will eventually be available if the rent ceiling is imposed? What is the amount of the shortage? [2] e) Calculate then resulting impact on consumer and producer surplus.[3] f) What is meant by deadweight loss? Why does a price ceiling usually result in a deadweight loss? In your answer explain the impact on both producers and consumers. [4]Given the following data: WIDGETS P = 80 - Q (Demand)P = 20 + 2Q (Supply) Now suppliers must pay a tax of $6 per unit. Find the new equilibrium price-inclusive price and quantity.
