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- Suppose demand and supply are given by Qd = 50 - P and Qs = 0.5P - 10.a. What are the equilibrium quantity and price in this market?Equilibrium quantity:Equilibrium price: $b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market.Quantity demanded:Quantity supplied:Surplus:c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in the market. Also, determine the full economic price paid by consumers.Quantity demanded:Quantity supplied:Shortage:Full economic price: $Given- Qd=1000−25pQs=−200+5p A)What is the equilibrium price and quantity B)Graph these functions. Show where equilibrium price and quantity are. Show x and y intercepts C)What is the new equilibrium price if there is 5 peso tax per unit? D)What is the new equilibrium if there is a 3 peso subsidy per unit? (no tax applied here) E)Explain the welfare effects of taxes and subsidies based on equilibrium quantities and prices.Suppose demand and supply are given by Qd = 50 − P and Qs = 0.5P − 10.a. What are the equilibrium quantity and price in this market?Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $48 is imposed in this market.Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $34 is imposed in the market. Also, determine the full economic price paid by consumers.Quantity demanded: Quantity supplied: Shortage: Full economic price: $
- Assume, the market price of milk is R.O 1.5 per liter. At this price, the buyers and sellers are able to buy and sell whatever they want. There is no shortage or surplus of milk in the market. From this context, analyze the statements given below and choose the correct statement. a. All of the options b. The price R.O 1.5 is the market clearing price of milk c. At the price R.O 1.5, the demand and supply of milk will be equal d. The price R.O 1.5 is the equilibrium price of milkThe market demand and supply functions for milk are: QD = 2,000 - 500P and QS = 800 + 100P. To help milk producers, the Department of Agriculture is considering legislation that would put a price floor at R2.25 per unit. . d) If this price floor is implemented, how many surplus units of milk are being produced? e) How much would government need to spend to purchase the surplus units? f) What is the change in consumer and producer surplus due to the price floor? g) When the government regulates the price of a good to be no lower than some minimum level. Can such a minimum price make producers as a whole worse off? Explain.Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 10.a. What are the equilibrium quantity and price in this market?Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market.Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in the market. Also, determine the full economic price paid by consumers.Quantity demanded: Quantity supplied: Shortage: Full economic price: $
- For Frisbees, the supply curve is the typical upward-sloping straight line, and the demand curve is the typical downward-sloping straight line. A tax of $20 per unit is imposed on blue Frisbees. The tax reduces the equilibrium quantity in the market by 300 units. The deadweight loss from the tax is. O. $3,000 O. $6,000 O. $1,000 O. $2,000Suppose demand and supply are given by Qd= 60 - P and Qs= 10P - 20. a. What are the equilibrium quantity and price in this market? b. Determine the quantity demanded, the quantity supplied and the magnitude of the surplus if a price floor of $50 is imposed on this market. c. Determine the quantity demanded, the quantity supplied and the magnitude of the shortage if a price floor of $29 is imposed on this market. Also determine the full economic price paid by consumers.The Australian government have suggested that they might need to increase GST to help fund the COVID-19 rescue package. GST is a tax on goods and services usually paid at the point of sale. Consider the market for bread. Suppose a loaf costs $4.15 and includes a 15-cent tax per loaf. q3- Suppose that at a price of $4.15 eight hundred loaves are sold and when the tax is increased to 20 cents seven hundred loaves are sold. Calculate the total tax revenue for the government before and after the change in the tax rate.
- The market for soda beverages demand is QD = 90-20P and supply is QS = 30P-10. Price is measured in dollars per one-gallon bottle and quantity in millions of one-gallon bottles a) Find the equilibrium quantity and price in the market for soda and compute Consumer Surplus and Producer Surplus when the market is in equilibrium. As that problem noted, sweetened beverages contribute to the over consumption of high-fructose corn syrup with negative consequences for public health. Suppose that each extra one-gallon bottle of soda sold in the market imposes a $1 external cost on state and federal governments that see Medicare and Medicaid diabetes-related expenditure increase. b) What is the total external cost that the soda beverages industry imposes on the government? Suppose that a $1 per bottle tax is imposed on sellers of soda beverages. What is the new equilibrium price and equilibrium quantity in the market for soda beverages? c) How much consumer surplus and how much producer surplus…Ñ2 Consider the following market demand and supply: Demand: P = 13 - 5Qd Supply: P = 6 + 2Qs If the market is at equilibrium, what is the total economic surplus? Note: Express your answer in units of dollars, to at least two digits after the decimal.Let (inverse) demand be Pb= 101-3 Qb and (inverse) supply be Pv = 16+3 Qv. Consider the PRICE CEILING (P_low) depicted, what is the reduction in tradecaused by the PRICE CEILING?
