Suppose that in a certain market the demand function for a product is given by p = −8q + 2800 and the supply function is given by p = 3q + 45. Then a tax of $5 per item is levied on the supplier, who passes it on to the consumer as a price increase. Find the equilibrium price and quantity after the tax is levied.

Q: Please answer in complete solutions: Find the equilibrium price pand the equilibrium quantity x…

A: In the free market, equilibrium price is determined by the forces of the demand and supply curve.…

Q: In a certain market, the demand is given by Qd = 60 - 6P and the supply by Qs = 4P. Assume a price…

A: The price ceiling is a legal maximum on the price at which goods can be sold.  Price ceiling can be…

Q: Suppose that demand for a product is given by the equation P = 150 – 3Q while the supply curve is…

A: the question relates to finding the intersection of demand and supply curve where the equilibrium…

Q: An individual utility function is given by U(x,y) = x·y. Let I = $800, px = $20 and py = $40.…

A: Given  Utility function  U(x,y) = xy    .   . . .. . . . . .(1) Budget constraint pxx+pyy=I…

Q: Consider a producer who faces a linear demand curve P = 24 – Q, where P is the price in dollar ($)…

A: Tax refers to the sum of money paid by the consumers and producers to the government of a nation.…

Q: Qd = 55 - 5P                            Qs = -50 + 10P   After the government decided to impose…

A: Consumers surplus is the difference between what the consumer pays and what he would have been…

Q: A rice producing company faces the following demand function:  Pd = 300 – 0.10Q. The firm’s…

A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only…

Q: Suppose the demand equation is given by P 100-2Q, and the supply equation is given by P - 20 + 2Q.…

A: Demand: P=100-2Q Supply:P=20+2Q Equilibrium : Demand=Supply 100-2Q=20+2Q 4Q=80 Q*=20 P=100-2(20)…

Q: Suppose that the demand and supply functions for a good are given as follows: Demand: Qº = 720 – 8P…

A: Given: Demand, Qd=720-8PSuppply, Qs = -160+3P

Q: Assume that a product has the market demand function QD = 20 − P and the market supply function QS =…

A: A price ceiling is effective only when it's imposed lower than equilibrium price. In equilibrium, QD…

Q: Suppose the supply and demand equations for a manufacturer's product are and p = - 1 100 509 14,…

A: Answer: Given, Supply equation: p=3100q+6p-6=3100qq=1003p-200 Demand equation:…

Q: The demand function for beef is Qd = 100 – 3P and supply function for beef is Qs = 10 +2P. Price…

A: (ii) Qd = 100 – 3P Qs = 10 +2P As government introduces a specific tax of N$0.25 per kg. Therefore,…

Q: the price of a complementary good rises, the equilibrium price of good X will __________  and…

A: Equilibrium is achieved where Qs=Qd

Q: With a tax of Rs4/unit,the price of the good rises from Rs5/unit to Rs9/unit. Which of the following…

A: The market price of a good was Rs5 (before tax) It means the price paid by consumer (before tax) is…

Q: The demand and supply curves for a price taking firm are as follows:   Qd = 10- 0.5 Pd Qs= -2+Ps,…

A: A market refers to the point where consumer and producers for the particular commodity interacts.…

Q: A perfectly competitive market is characterized by the following inverse demand function and inverse…

A: We have been given : Qs= P-10 Qd= 100- P Equilibrium price = 55 Equilibrium quantity = 45 A price…

Q: The market for tomatoes is competitive and characterized by a demand function of the form Qp = 60000…

A: We are going to answer this question using tax burden concept to answer this question.

Q: If the demand of the condominiums demand is inelastic, that is, it is a normal good, and when the…

A: Inelastic demand: Inelastic is a financial term alluding to the static amount of a decent or…

Q: If we know that the demand function of a product is Qd-100-P, where P is the price per product…

A: Consumer surplus is the difference between the price a consumer is willing to pay and the actual…

Q: If a price ceiling is non-binding, the market price will be the equilibrium price. True False

A: Price ceiling is the maximum price that government imposes in the market for a good or service. It…

Q: The market demand and supply functions for a good are: QD = 260 - 50P and QS = -40 + 10P. The…

A: Given demand and supply equations are: QD = 260 - 50P QS = -40 + 10P

Q: Consider a market where the demand and supply for the good are described by the following equations:…

A: Here after the price ceiling, the supply will be 22.5+1.5*45=45 And the demand would be:…

Q: Find the consumers' surplus at a price level of p = $130 for the price-demand equation below. p=…

A:

Q: The demand (D) and supply (S) function for a commodity are P =100 – 2Q and P = 10 + Q,…

A: Supply: It refers to the goods and services which have been supplied in an economy at a time. The…

Q: Demand for apples is given by the function P=50-4q while supply is given by P=10+q. If a per-unit…

A: Equilibrium Demand function = supply function

Q: The price – supply and price – demand equations of a certain product are given by p = S(x) = 15 +…

A: Given:- p=S(x)=15+0.1x+0.003x2 p=D(x)=M-nx Equilibrium price level=P55 To calculate:- Producer…

Q: Suppose an economist estimates that the price elasticity of supply for red wine is 2.4 while its…

A: The burden of Elasticity is totally demanded upon the elasticities.

Q: Suppose Suzuki has the following demand and supply function for Cultus VXL:  Qd = 55 - 5P…

A: Equilibrium is achieved at the output level where quantity demanded equals quantity supplied.

Q: Suppose that in a certain market the demand function for a product is given by p= -8q + 2800 and the…

A: We find the equilibrium Price and Quantity  after the tax levied -

Q: The supply function for Gizmos is given by the equation P=0.66⋅Q+11P=0.66⋅Q+11, and the demand…

A: We know when supply and demand match then only equilibrium occurs. Equilibrium price is the price…

Q: The demand and supply functions of shirts are given by; Demand function: P = = 50 – 1.5Q Supply…

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

Q: Consumers' Surplus The demand function for a certain make of replacement cartridges for a water…

A: Answer: Given, Demand function: p=-0.01x2-0.2x+26 Market price = $2 per cartridge The formula for…

Q: P Question 3 Suppose that the market for a children's book is given by the following demand and…

A: Note: You have uploaded more than one question at a time. Hence, we shall solve only the first one…

Q: The market demand is given by P=250-2Q and the market supply by P=40+Q. What will be the shortage on…

A: A price ceiling is a type of price control, imposed by the government. It is the highest price at…

Q: The market for tomatoes is competitive and characterized by a demand function of the form QD = 60000…

A: Equilibrium quantity and price are determined when demand and supply curve intersect each other. And…

Q: Q)The inverse demand function for good x is defined by the equation p = 214 - 5q, where q is the…

A: Given: inverse demand function: p = 214 - 5q,  inverse supply function:p = 7 + 4q

Q: Suppose that the price of rice is Tk.65 per kg and 75,000 kg of rice is consumed in equilibrium. A…

A: The excess burden of taxation, also known as the dead weight loss of taxation, is the economic loss…

Q: Given the price-demand and price-supply equations below, determine the equilibrium price and find…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: Find the producers' surplus at a price level of p=$45 for the supply equation S(q)=31.5+0.015q2,…

A: The equilibrium quantity in the market can be calculated by substituting the value of P in the…

Q: Consumers' Surplus The demand function for a certain brand of CD is given by p = -0.01x2 - 0.1x + 19…

A: We have a demand function, D(x) = p = -0.01x^2 -0.1x+19 Here, p  = unit price in dollars of 1 CD,…

Q: Given a demand curve of P = 92 - 2Q and a supply curve of P = 2 + Q, with a tax of 60, solve for the…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: Assuming a unitary elastic demand and supply, a tax on the sellers of coffee will cause the price…

A: Equilibrium is at a point to demand come into six the supply curve. When the tax is imposed on the…

Q: Suppose demand and supply are given by: Qx d = 14 −  2Px and Qx s = 14Px-2 b. Suppose a $12 excise…

A: Given demand is, Qd=14-2PxSupply is, Qs=14Px-2 Tax = $12

Q: (The demand and supply functions for a product are given in dollars, with q representing quantity,…

A: The market is in equilibrium when demand is equal to the supply.  The demand curve is quadratic…

Q: The equilibrium quantity and price is 5 units and $49 dollars respectively. Demand function is p =…

A: Given Equilibrium quantity (Qe) = 5 units Equilibrium price(Pe) = $49

Q: Suppose the absolute values of the intercept and slope of the demand function are approximated to be…

A: The demand curve is a downward sloping curve due to the negative relationship between the price and…

Q: Find the producers' surplus at a price level of p= $70 for the price-supply equation below. p= S(x)…

A: We are going to integrate the area above the Supply curve, S(x) and below the Price provided in the…

Q: Given: (X is humber of items) Demand function: d(x) = 264.6 – 0.2x² Supply function: s(x) = 0.4x² -…

A: Equilibrium P(price) and x(quantity) is where the demand and supply for the product equals. The…

Q: Suppose that market demand is given by the equation qd=111.00−p, and market supply is given by the…

A: Given: qd=111.00−p qs=p−15.00 Price ceiling imposed=$25