The market for N-95 masks is perfectly competitive. Market Demand is given by Q=358-2P and Market Supply is given by Q=3P. 3 The government imposes a price floor of $111. What is the quantity traded in the market with this price floor?

The market for N-95 masks is perfectly competitive. Market Demand is given by Q=358-2P and Market Supply is given by Q=3P. 3 The government imposes a price floor of $111. What is the quantity traded in the market with this price floor?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.3: Application 3: 10 A. M. Classes In College

Problem 2ST

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Concept explainers

Tax Incidence Analysis

Tax incidence analysis is a kind of economic analysis. It helps to understand the division of tax burden between stakeholders. Tax incidence also relates to the price elasticity of demand and supply. The producers and consumers may valuate their tax burden with the help of tax incidence analysis. It also helps to calculate the burden of a new tax. It is the effect of a particular tax and analysis of tax occurrence in the economy.

Question

Please see the following attachments

The market for N-95 masks is perfectly competitive. Market Demand is given by
Q=358-2P and Market Supply is given by Q=3P.
3
The government imposes a price floor of $111. What is the quantity traded in
the market with this price floor?

The market for N-95 masks is perfectly competitive. Market Demand is given by
Q=431-2P and Market Supply is given by Q=2P.
4
The government imposes a price ceiling of $55. What is the minimum
Deadweight Loss, in absolute terms because of the price ceiling? Enter a number
only, drop the $ sign.

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