Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (in front of those numbers b. The equilibrium price is $ and the equilibrium quantity is 600 c. Suppose the government imposes a $15 per unit tax on sellers of this good. Instructions: Use the tool provided Sy' to draw the new supply curve on the diagram above. Plot this for quantities 20, 60, 100, 140. and 180 (5 points total) d. The new equilibrium quantity is 40 Consumers will pay $ 30 After the tax, sellers will receive $600 e. Using the midpoint formula, the price elasticity of demand over this price change is: tif demand were less elastic (holding supply constant), the deadweight loss would be [smaler
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (in front of those numbers b. The equilibrium price is $ and the equilibrium quantity is 600 c. Suppose the government imposes a $15 per unit tax on sellers of this good. Instructions: Use the tool provided Sy' to draw the new supply curve on the diagram above. Plot this for quantities 20, 60, 100, 140. and 180 (5 points total) d. The new equilibrium quantity is 40 Consumers will pay $ 30 After the tax, sellers will receive $600 e. Using the midpoint formula, the price elasticity of demand over this price change is: tif demand were less elastic (holding supply constant), the deadweight loss would be [smaler
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (in
front of those numbers
b. The equilibrium price is $
and the equilibrium quantity is
600
c. Suppose the government imposes a $15 per unit tax on sellers of this good.
Instructions: Use the tool provided Sy' to draw the new supply curve on the diagram above. Plot this for quantities 20, 60, 100, 140.
and 180 (5 points total)
d. The new equilibrium quantity is
40
Consumers will pay $ 30
After the tax, sellers will receive $600
e. Using the midpoint formula, the price elasticity of demand over this price change is:
tif demand were less elastic (holding supply constant), the deadweight loss would be [smaler
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