Given that Demand is given by P= 60 - 0.005Q and cost given by TC= 100000 + 5Q + 0.0005Q2 At what price and output combination is total profit maximized? Show the inefficiency introduced by one unit introduction of tax to the society
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- At what price and output combination is total profit maximized?
- Show the inefficiency introduced by one unit introduction of tax to the society
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- If the pre-tax cost function for John's Shoe Repair is C(q) = 100 + 10q - q2 + (1⁄3q)2, and it faces a specific tax of = 10, what condition determines the profit-maximizing output if the market price is p? Can you solve for a single, profit-maximizing q in terms of p?In this problem, p is the price per unit in dollars and q is the number of units.If the demand and supply functions of a product are p = 6500 − 5q − 0.7q2 and p = 500 + 10q + 0.3q2, respectively, find the tax per unit t that will maximize the tax revenue T. t = $ /itemDemand = 20-P; Supply = P/3; both linear. What is deadweight loss associated with a $4/unit output tax levied on consumers?
- If the pre-tax cost function for John's Shoe Repair is C(q)=100+10q-q^2+1/3q^3, and it faces a specific tax of t=10, what is the profit-maximizing condition if the market price is p? Can you solve for a single, profit maximizing q in terms of p?The demand and supply functions for product M are P = 83.6 - 0.037 Q P = 15.7 + 0.056 Q. A P10 tax per units is levied to the producer. Question: What is the P received by the seller after the imposition of tax? and how much will be the tax burden on the part of the producer after the imposition of tax? How much will be the tax burden in the part of buyer on the other hand?The market for N-95 masks is perfectly competitive. Market Demand is given by Q-321-2P and Market Supply is given by Q=4P. The government imposes a per-unit tax of $13. What is the absolute value of the deadweight loss due to the tax? Enter a number only, drop the $ sign. Note: you don't need to know who pays the tax to answer this question.
- Given a demand curve of P = 136 - 4Qd and supply of P = 42 + 8Qs, find the total cost to society of a lump sum tax of 12 dollars, assuming the government is as efficient in resource use as households.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?The market for N-95 masks is perfectly competitive. Market Demand is given by Q=464-2P and Market Supply is given by Q=5P. The government imposes a per-unit tax of $2. How much tax revenue does the government collect? Enter a number only, drop the $ sign. Note: you don't need to know who pays the tax to answer this question.
- A monopolist produces a certain good. The cost c for producing this good is given by c = 20q, whereq is the quantity produced. The (inverse) demand function for this product is given by p = 30 − 0.01q,where p is the price per unit of the product. We assume that the full produced quantity is sold. Thegovernment taxes the sales of the good and would like to maximize the received tax T .Suppose in first instance that the government introduces a tax of 4 monetary units per unit of theproduct sold. We determine how much the government then receives.A market has a demand function given the equation Qd =180 - 2p, and a supply function given by the equation Q = -15 + p. The market is government -regulated with a price support per unit and production quotas. (a) if the price is set at $72 per unit, calculate the deadweight lossThe short-run market demand and supply curves for good X are as follows: QD = 20 - 4P QS = 7 + 2.5P Find the equilibrium price and quantity before the imposition of the tax. What is the price actually paid by the demanders (Pd) due to a quantity or specific tax of $1 per unit collected from the buyers? What is the price actually received by the suppliers (Ps) due to a quantity or specific tax of $1 per unit collected from the buyers? What is the after- or post-tax quantity? What is the total revenue after the imposition of the quantity or specific tax? How much of the tax do consumers pay (in percent)? How much of the tax do producers pay (in percent)?
