ADVANCED ANALYSIS Suppose the equation for the demand curve for some product X is P=8-0.6Q and the supply curve is P= 2 + 0.4Q. a. What are the equilibrium price and quantity? Instructions: Enter your answer for equilbrium price rounded to 2 decimal places and enter your answer for quantity as a whole number. Price = $ Quantity = b. Now suppose an excise tax is imposed on X such that the new supply equation is P= 4 +0.4Q. How much tax revenue will this excise tax yield the government? Instructions: Enter your answer rounded to 2 decimal places. $ c. In the diagram below, draw the new supply curve (with the excise tax) and identify the area of the graph that represents the revenue generated by the tax.

Q: Ted's car is now worth $9000, which is 60% of what he paid for it. What did he pay for his car?

A: Present worth is present value or value for now which is calculated after wear and tear,depreciation…

Q: I need help working through this problem

A: Market clearing price and quantity is archived where both seller and buyer agree to exchange their…

Q: An agricultural seed company has an inverse demand given by: P = 120 - 2Q, and a cost function given…

A: Note : In case of multiple questions , we answer only the first question.  The answer to your first…

Q: (Trade Restrictions) Suppose that the world price for steel is below the U.S. domestic price, but…

A: When a country wants to restrict its imports of foreign goods it can use two devices: Tariffs…

Q: I typed it in, it's wrong

A: Elasticity of demand is a concept used in economics to measure the responsiveness of the quantity…

Q: I also need help with C and D

A: The advertisement cost is a sunk cost, and this is exceptionally prominent in the oligopoly market.…

Q: Make flow chart of type of budget?

A: budget is a estimate expense and income for certain period of time

Q: Please answer full questions including fill in the blanks.

A: When an initial injection into a circular flow results in a larger ultimate rise in real national…

Q: Where did the $98 come from?

A: Deadweight loss can be described as the loss of total welfare or the social surplus because of…

Q: Answer the questions a through f

A: As per company policy we are only supposed to answer one question up-to 3 subsets in one session, so…

Q: Please write more clearly.

A: Production function shows the relationship between the inputs used and output produced. The marginal…

Q: 24 20 Price and co st (dollars per arate)

A: In short run a firm should shut down when the price is equal of less than the average variable cost.…

Q: dccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc…

A: Your question is not visible.

Q: What are some common examples of expenses?

A: To generate revenue, the business organizes many activities. The cost of doing these activities are…

Q: i need help with all of them

A: The government uses price controls to exert direct influence over market prices. It has an impact on…