There are two attachments below Take Test: EXAM 81-202101 Prir X->blackboard.gwu.edu/webapps/assessment/take/launch.jsp?course assessment_id3-_270657_1.. O 8CoursesTake Test: EXAM 81* Question Completion Status:Assume the equations for supply and demand for Old Town Canoes (a type of boat) are:Demand.P-64-2QSupply:P-2/3Qwhere P is price and Q is quantity.7) (5) Find the numerical market equilibrium. Indicate the market equilibrium price and quantity on a graph.8) (5) Find the numerical value for the Consumer Surplus and Producer Surplus and indicate the appropriate areas on the graph fromquestion 7.The government decides that Old Town Canoes has a lucrative market and wants to raise some revenue. The government imposes atax of $8.9) (5) Find the equilibrium quantity after the tax is imposed. Indicate the post-tax market equilibrium on a graph.10) (5) Find any deadweight loss to welfare from the tax. Indicate any such deadweight loss on the diagram you sketched forquestion 9.11) (5) What sign- positive or negative - would you expect to find if one measured the cross-price elasticity between Old TownCanoes and Wenonah Canoes?ailaResearch indicates that outdoor activities are healthy and decrease the spread of COVID. To encourage the outdoor activity thegovernment proposes to impose a maximum price of $22 on Old Town Canoes.12)a. (2) What is the name economists give to the proposed government policy?b. (3) What is the impact of this policy on the Old Town Canoe market?Attach FileActivate WiiunBrowse Local FilesBrowse Content CollectionGo to Sett95 6hrClick Save and Submit to saue and suhmit. Click Sme All AnsueEs fo save allanswers6.hp Take Test: EXAM 81-202101 Prir X->blackboard.gwu.edu/webapps/assessment/take/launch.jsp?course assessment_id3-_270657_1.. O 8CoursesTake Test: EXAM 81* Question Completion Status:Assume the equations for supply and demand for Old Town Canoes (a type of boat) are:Demand.P-64-2QSupply:P-2/3Qwhere P is price and Q is quantity.7) (5) Find the numerical market equilibrium. Indicate the market equilibrium price and quantity on a graph.8) (5) Find the numerical value for the Consumer Surplus and Producer Surplus and indicate the appropriate areas on the graph fromquestion 7.The government decides that Old Town Canoes has a lucrative market and wants to raise some revenue. The government imposes atax of $8.9) (5) Find the equilibrium quantity after the tax is imposed. Indicate the post-tax market equilibrium on a graph.10) (5) Find any deadweight loss to welfare from the tax. Indicate any such deadweight loss on the diagram you sketched forquestion 9.11) (5) What sign- positive or negative - would you expect to find if one measured the cross-price elasticity between Old TownCanoes and Wenonah Canoes?ailaResearch indicates that outdoor activities are healthy and decrease the spread of COVID. To encourage the outdoor activity thegovernment proposes to impose a maximum price of $22 on Old Town Canoes.12)a. (2) What is the name economists give to the proposed government policy?b. (3) What is the impact of this policy on the Old Town Canoe market?Attach FileActivate WiiunBrowse Local FilesBrowse Content CollectionGo to Sett95 6hrClick Save and Submit to saue and suhmit. Click Sme All AnsueEs fo save allanswers6.hp

Since you have asked multiple-part questions, we will only solve the first three questions for you.…

Assume the equations for supply and demand for Old Town Canoes (a type of boat) are: Demand: P-64-2Q Supply: P-2/3Q where P is price and Q is quantity. 7) (5) Find the numerical market equilibrium. Indicate the market equilibrium price and quantity on a graph. 8) (5) Find the numerical value for the Consumer Surplus and Producer Surplus and indicate the appropriate areas on the graph from question 7. The government decides that Old Town Canoes has a lucrative market and wants to raise some revenue. The government imposes a tax of $8. 9) (5) Find the equilibrium quantity after the tax is imposed. Indicate the post-tax market equilibrium on a graph. 10) (5) Find any deadweight loss to welfare from the tax. Indicate any such deadweight loss on the diagram you sketched for question 9. 11) (5) What sign positive or negative - would you expect to find if one measured the cross-price elasticity between Old Town Canoes and Wenonah Canoes? Research indicates that outdoor activities are healthy and decrease the spread of COVID. To encourage the outdoor activity the government proposes to impose a maximum price of $22 on Old Town Canoes. 12) a. (2) What is the name economists give to the proposed government policy? b. (3) What is the impact of this policy on the Old Town Canoe market? Attach Cile

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC