V5. a. Suppose the demand for insulin pumps is Q=2,000 and the supply of insulin pumps is QS-0.5P-1,000. What is the price that sellers receive perpump? Suppose the govemment imposes a tax of $400 per pump on sellers. What after-tax price per pump do sellers receive?b. In the market for organic fruit, the elasticity of supply is 0.75 and the elasticity of demand is -1.25. If there is a tax of $2 per unit on organic fruit, whatshare of the tax is paid by buyers and what share is paid by sellers?For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

Note: “Since you have posted multiple questions, we will provide the solution only to the first…

a. Suppose the demand for insulin pumps is QD-2,000 and the supply of insulin pumps is QS-0.5P-1,000. What is the price that sellers receive per pump? Suppose the government imposes a tax of $400 per pump on sellers What afte

a. Suppose the demand for insulin pumps is QD-2,000 and the supply of insulin pumps is QS-0.5P-1,000. What is the price that sellers receive per pump? Suppose the government imposes a tax of $400 per pump on sellers What afte

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

V5.

a. Suppose the demand for insulin pumps is Q=2,000 and the supply of insulin pumps is QS-0.5P-1,000. What is the price that sellers receive per
pump? Suppose the govemment imposes a tax of $400 per pump on sellers. What after-tax price per pump do sellers receive?
b. In the market for organic fruit, the elasticity of supply is 0.75 and the elasticity of demand is -1.25. If there is a tax of $2 per unit on organic fruit, what
share of the tax is paid by buyers and what share is paid by sellers?
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