1. Equilibrium price $350 2. Quantity 50 3 Consumer Surplus? 6250 & Producer Surplus? 6250 5. What is the total surplus? 12500 6. Suppose a $200 unit tax is placed on the good being sold. How much tax revenue is to be made? 4000 500 7. Remove t tax. Imposes a price floor $100 below the equilibrium price How much deadweight loss is created (0 if none)?

1. Equilibrium price $350 2. Quantity 50 3 Consumer Surplus? 6250 & Producer Surplus? 6250 5. What is the total surplus? 12500 6. Suppose a $200 unit tax is placed on the good being sold. How much tax revenue is to be made? 4000 500 7. Remove t tax. Imposes a price floor $100 below the equilibrium price How much deadweight loss is created (0 if none)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Note: Please answer subpart 4, 5 and 6

Price
$150
200
250
300
350
400
450
500
550
600
650
1. Equilibrium price $350
2. Quantity 50
3. Consumer Surplus? 6250
4. Producer Surplus? 6250
500
7. Remove the tax. Imposes a price floor $100 below the equilibrium price
a. Equilibrium price $350
and quantity? 50
Quantity Demanded
100
90
5. What is the total surplus? 12500
6. Suppose a $200 unit tax is placed on the good being sold. How much tax revenue is to be made? 4000
b. Resulting amount of surplus/shortage if any (0 if none) 0
8. Remove the price floor Impose a price ceiling $50 below the equilibrium price
a Equilibrium price $350
and quantity? 50
b. Resulting amount of surplus/shortage (0 if none) o
80
70
60
50
40
30
20
10
0
Quantity Supplied
10
20
30
40
50
60
70
80
90
100
.
How much deadweight loss is created (0 if none)?

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