Before answering the following questions, illustrate on a graph, how the tax affects the short-run individual and market supply curves; looking at the graph, can you tell if the equilibrium price increases or decreases in the short-run? What happens to firms profits? How much should the price increase in the long run? After the tax is introduced, how many cafés leave the market in the short run? After the tax is introduced, do cafés shut down in the short run? yes O no In the short-run equilibrium, what is the new price of a cup of coffee? What is the profit of each firm?

Before answering the following questions, illustrate on a graph, how the tax affects the short-run individual and market supply curves; looking at the graph, can you tell if the equilibrium price increases or decreases in the short-run? What happens to firms profits? How much should the price increase in the long run? After the tax is introduced, how many cafés leave the market in the short run? After the tax is introduced, do cafés shut down in the short run? yes O no In the short-run equilibrium, what is the new price of a cup of coffee? What is the profit of each firm?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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