Please refer to the background information below to answer the following three questions. Consider the following supply and demand schedule of chocolate. Price ($ per unit) Quantity Demanded (units) Quantity Supplied (units) 40 45 295 270 245 95 120 50 145 170 195 220 55 220 60 195 65 70 170 145 245 75 120 95 70 270 80 295 85 320 90 45 345 95 20 370 33. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a tax of $10 for each unit of the chocolate sold, the new equilibrium price paid by the consumers will be S[ Answer33 ). 34. Given the above information, the government's tax revenue will be $[ Answer34 ]. 35. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a subsidy of $10 for each unit of the chocolate sold, the new equilibrium quantity would be [ Answer35 | units.
Please refer to the background information below to answer the following three questions. Consider the following supply and demand schedule of chocolate. Price ($ per unit) Quantity Demanded (units) Quantity Supplied (units) 40 45 295 270 245 95 120 50 145 170 195 220 55 220 60 195 65 70 170 145 245 75 120 95 70 270 80 295 85 320 90 45 345 95 20 370 33. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a tax of $10 for each unit of the chocolate sold, the new equilibrium price paid by the consumers will be S[ Answer33 ). 34. Given the above information, the government's tax revenue will be $[ Answer34 ]. 35. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a subsidy of $10 for each unit of the chocolate sold, the new equilibrium quantity would be [ Answer35 | units.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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![Please refer to the background information below to answer the following three questions.
Consider the following supply and demand schedule of chocolate.
Price ($ per unit) Quantity Demanded (units) Quantity Supplied (units)
295
95
120
40
45
270
245
50
55
60
145
170
195
220
195
65
70
170
220
145
245
75
120
95
270
295
80
85
70
320
90
45
20
345
95
370
33. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a
tax of $10 for cach unit of the chocolate sold, the new equilibrium price paid by the consumers will be
$[ Answer33 ].
34. Given the above information, the government's tax revenue will be $[ Answer34 ].
35. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a
subsidy of $10 for each unit of the chocolate sold, the new equilibrium quantity would be [ Answer35
] units.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09a825dd-ae70-4400-827d-a36b11920761%2Ff8eedd14-6b2c-443f-9efb-c969809a24e2%2Fzd86dzp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Please refer to the background information below to answer the following three questions.
Consider the following supply and demand schedule of chocolate.
Price ($ per unit) Quantity Demanded (units) Quantity Supplied (units)
295
95
120
40
45
270
245
50
55
60
145
170
195
220
195
65
70
170
220
145
245
75
120
95
270
295
80
85
70
320
90
45
20
345
95
370
33. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a
tax of $10 for cach unit of the chocolate sold, the new equilibrium price paid by the consumers will be
$[ Answer33 ].
34. Given the above information, the government's tax revenue will be $[ Answer34 ].
35. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a
subsidy of $10 for each unit of the chocolate sold, the new equilibrium quantity would be [ Answer35
] units.
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