Answered: After years of eating perpetually…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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After years of eating perpetually everlasting fastfood burgers, Canadians have switched to consuming Brain Masalas (brains mixed with spices)

Brain Masala P = 80 – Q (Demand) P = 20 + 2Q (Supply)

Given the above demand and supply equations for Brain Masalas , find the equilibrium price and quantity. /2

Please illustrate this on a graph /1

Recent problems with Lysteria in dairy products has led Canadians to prefer cheese made out of Yak’s milk:

Yak’s milk : P = 80 – Q (Demand) P = 20 + 2Q (Supply)

However, the government also wants to earn some revenue from Yak cheese. Hence, suppliers must pay a tax of $6 per unit. Given the above demand and supply equations for Yak’s milk, find the new equilibrium price-inclusive price and quantity. Please illustrate the original and the post tax effect on a graph /3

c) The supply function for a thermal underwear is Qs=-200 +150p. Find the minimum price (P-intercept) at which producers will begin to consider selling thermal underwear. / 1

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