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Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to the nearest 1 decimal place (the nearest tenth). Also, do not enter leading zeroes. For example, if the answer to a field is 1/8, enter .1 Do not enter .125 or 0.13 or 0.1 Do not include commas in numerical answers. Consider the fictitious good Derp. The demand for Derp is Q = 1200 - 2P. Suppose the supply of Derp is given by Q = -600 +2P. What is the equilibrium price of Derp? 450 What is the equilibrium quantity of Derp? 300 What is the price elasticity of demand at the equilibrium price and quantity? 425 What is the price elasticity of supply at the equilibrium price and quantity? 250

Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to the nearest 1 decimal place (the nearest tenth). Also, do not enter leading zeroes. For example, if the answer to a field is 1/8, enter .1 Do not enter .125 or 0.13 or 0.1 Do not include commas in numerical answers. Consider the fictitious good Derp. The demand for Derp is Q = 1200 - 2P. Suppose the supply of Derp is given by Q = -600 +2P. What is the equilibrium price of Derp? 450 What is the equilibrium quantity of Derp? 300 What is the price elasticity of demand at the equilibrium price and quantity? 425 What is the price elasticity of supply at the equilibrium price and quantity? 250

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to the nearest 1 decimal place (the nearest tenth). Also, do not enter leading zeroes.

For example, if the answer to a field is 1/8, enter .1

Do not enter .125 or 0.13 or 0.1

Do not include commas in numerical answers.

 

Consider the fictitious good Derp. The demand for Derp is Q = 1200 – 2P. Suppose the supply of Derp is given by Q = –600 +2P.

Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to the nearest 1 decimal place (the nearest tenth). Also, do not enter leading zeroes. For example, if the answer to a field is 1/8, enter .1 Do not enter .125 or 0.13 or 0.1 Do not include commas in numerical answers. Consider the fictitious good Derp. The demand for Derp is Q = 1200 - 2P. Suppose the supply of Derp is given by Q = -600 +2P. What is the equilibrium price of Derp? 450 What is the equilibrium quantity of Derp? 300 What is the price elasticity of demand at the equilibrium price and quantity? What is the price elasticity of supply at the equilibrium price and quantity? 250 For the next seven questions, suppose a per-unit excise tax of $50 per Derp is levied on the consumers. What price will sellers receive after the tax is levied? 425 What price will consumers pay after the tax is levied? 475 What percent of the tax will be paid by the consumers of Derp? 50 What percent of the tax will be paid by the suppliers of Derp? How many Derps will be sold after the tax is imposed? 250 425 50 How much consumer surplus do consumers get after the tax? 15625 What is the deadweight loss created by this tax? 1250 (give an answer between 0 and 100) (give an answer between 0 and 100)
Transcribed Image Text:Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to the nearest 1 decimal place (the nearest tenth). Also, do not enter leading zeroes. For example, if the answer to a field is 1/8, enter .1 Do not enter .125 or 0.13 or 0.1 Do not include commas in numerical answers. Consider the fictitious good Derp. The demand for Derp is Q = 1200 - 2P. Suppose the supply of Derp is given by Q = -600 +2P. What is the equilibrium price of Derp? 450 What is the equilibrium quantity of Derp? 300 What is the price elasticity of demand at the equilibrium price and quantity? What is the price elasticity of supply at the equilibrium price and quantity? 250 For the next seven questions, suppose a per-unit excise tax of $50 per Derp is levied on the consumers. What price will sellers receive after the tax is levied? 425 What price will consumers pay after the tax is levied? 475 What percent of the tax will be paid by the consumers of Derp? 50 What percent of the tax will be paid by the suppliers of Derp? How many Derps will be sold after the tax is imposed? 250 425 50 How much consumer surplus do consumers get after the tax? 15625 What is the deadweight loss created by this tax? 1250 (give an answer between 0 and 100) (give an answer between 0 and 100)
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