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- Q4. Assume the market of non-medical masks can be described by the following equations: Demand: QD= 20 - P Supply: QS=2P-10 Where the quantity QP and QS are in millions, and price P is in dollars. Suppose all the masks are imported, and government decided to set a quota at 5 million units. a) Compute the pre-quota equilibrium price and quantity and illustrate your answers graphically. b) In your graph of a) Clearly show the con umer surplus (CS) and producer surplus (PS) before and after the quota. c) Show the dead weight loss (DWL) in the graph and calculate it.Suppose the government of the island has decided to make tomatoes more affordable to consumers by imposing a fixed per unit subsidy. Thus, start with the original demand (Qd = 50 – 5P) and supply (Qs = 5P – 25) and analyze this new intervention, the subsidy. The subsidy works like this: tomato sellers receive a $4 refund from the government for each kilogram of tomatoes they sell to consumers. What is the price that the producers will effectively earn for their tomatoes, inclusive of the subsidy? How much will the government spend on tomato subsidies in this case in total? (Recall the units of measurement: P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms.) Produce a new graph depicting the new, post-subsidy equilibrium complete with (solved) values for the new price and quantity. Please include the original supply curve in this graph, in addition to the new “effective supply” curve; and clearly label the shift…Suppose that the market for bottled water can be represented by the following equations: Demand: P = 10 - 2QDSupply: P = 1 + 0.5QSwhere P is the price per gallon, and Q represents quantity of purified water, represented inmillions of gallons of water consumed.a) Calculate the equilibrium price and quantity of bottled water.b) Concerned over high water prices after the winter storm, the government sets a priceceiling of $2.25 per gallon of water. What is the new quantity of water sold in themarket? Use supply and demand curves to illustrate your answer, showing both theoriginal equilibrium from part a) and the new quantity sold with the price ceiling.c) Calculate the producer surplus and consumer surplus at the initial equilibrium priceand quantity from part a).d) Calculate the new producer surplus and consumer surplus with the price ceiling frompart b).e) How does the total consumer and producer surplus in part c) compare to the totalconsumer and producer surplus in part d)? What…
- Suppose the government of the island has decided to make tomatoes more affordable to consumers by imposing a fixed per unit subsidy. Thus, start with the original demand (Qd = 50 – 5P) and supply (Qs = 5P – 25) and analyze this new intervention, the subsidy. The subsidy works like this: tomato sellers receive a $4 refund from the government for each kilogram of tomatoes they sell to consumers.Only typed answer and please don't use chatgpt (I)Consider the market for milk in Saskatchewan. If p is the price of milk (cents per litre) and Qis the quantity of litres (in millions per month), suppose that the demand and supply curves formilk are given by: Demand: p = 225 -15QD Supply: p = 25 + 35QS a.Assuming there is no government intervention in this market, what is the equilibrium price and quantity? Equilibrium Price = $165 Quantity = 4Liters b. Now suppose the government guarantees milk producers a price of $2 per litre and promises to buy any amount of milk that the producers cannot sell. What are the quantity demanded and quantity supplied at this guaranteed price? Please answer B.Suppose the government of the island has decided to make tomatoes more affordable to consumers by imposing a fixed per unit subsidy. Thus, start with the original demand (Qd = 50 – 5P) and supply (Qs = 5P – 25) and analyze this new intervention, the subsidy. The subsidy works like this: tomato sellers receive a $4 refund from the government for each kilogram of tomatoes they sell to consumers. • Write down the equation for the new "effective supply" curve. • Determine the new equilibrium quantity and equilibrium price. • What is the price that the consumers will pay for their tomatoes? • What is the price that the producers will effectively earn for their tomatoes, inclusive of the subsidy? • How much will the government spend on tomato subsidies in this case in total? (Recall the units of measurement: P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms.) • Produce a new graph depicting the new, post-subsidy…
- Suppose the government of the island has decided to make tomatoes more affordable to consumers by imposing a fixed per unit subsidy. Thus, start with the original demand (Qd = 50 – 5P) and supply (Qs = 5P – 25) and analyze this new intervention, the subsidy. The subsidy works like this: tomato sellers receive a $4 refund from the government for each kilogram of tomatoes they sell to consumers. Write down the equation for the new "effective supply" curve. Determine the new equilibrium quantity and equilibrium price. What is the price that the consumers will pay for their tomatoes? What is the price that the producers will effectively earn for their tomatoes, inclusive of the subsidy? How much will the government spend on tomato subsidies in this case in total? (Recall the units of measurement: P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms.) Produce a new graph depicting the new, post-subsidy equilibrium…Given: Qd = 800 - 4P Qs = 8P - 400 What is the equilibrium Quantity of good xConsider the market for coffee in the small, isolated country of Krakozhia. Within Krakozhia, the domesticdemand for coffee is:Qd = 500 − 2pand the domestic supply of coffee is:Qs = −150 + 3p(a) Suppose Krakozhia is closed to trade with the rest of the world. Determine the equilibrium price andquantity.(b) Draw a graph showing the domestic supply and demand from (a). Label all axes and curves and markout intercepts and equilibrium values. Shade and label areas for the consumer and producer surplus.(c) Calculate the consumer, producer, and total surplus. from (a).(d) Suppose Krakozhia is open to trade and the world price is 150. Determine the domestic quantity supplied,domestic quantity demanded, and the quantity exported.(e) Draw a graph showing the domestic supply and demand and world price from (d). Label all axes andcurves and mark out intercepts and relevant values. Shade and label areas for the consumer and producersurplus.(f) Calculate the consumer, producer, and total surplus…
- A new flu vaccine is approved, what will happen to the equilibrium price and quantity of the flu vaccines?Examine the diagram then for the market for cigarettes with the tax. Indicate: I. Price received by producers? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10 ii. Quantity of cigarettes? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10 iii. Price paid by consumers? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10 iv. the tax? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10Give typing answer with explanation and conclusion In an effort to curb planetary obesity, authorities levy a tax of $20 per unit of lunar candy. How much of this tax is borne by the sellers? That is, by how much does the seller’s price change? demand - q = 600 − 2p supply - q = 2p − 400 Equilibrium price - 250 Equilibrium Quantity- 100 Use the equation Ps= Pd+ Tax to solve ANSWER IS 10
