Chapter 10: Policy Analysis RS) The U.S. demand and supply of gasoline in 2011 were given respectively by Qº=202-19P and Q³ =73 +17P billions of gallons. The equilibrium price was $3.58. A) How large would be the market distortion (shortage or surplus) caused by a price ceiling at $3.30? B) Instead of a price ceiling, if the government imposed an additional $0.40 tax per gallon (to be paid by the sellers), what would be the new equilibrium price of gasoline? And what would have been the additional tax burden on the buyers?

Chapter 10: Policy Analysis RS) The U.S. demand and supply of gasoline in 2011 were given respectively by Qº=202-19P and Q³ =73 +17P billions of gallons. The equilibrium price was $3.58. A) How large would be the market distortion (shortage or surplus) caused by a price ceiling at $3.30? B) Instead of a price ceiling, if the government imposed an additional $0.40 tax per gallon (to be paid by the sellers), what would be the new equilibrium price of gasoline? And what would have been the additional tax burden on the buyers?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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