I would like to get some assistance on these problems to verify if I am on the right track. Consider a market for books.Demand is given by QD=120-P.Supply is given by Qs=5P.The equilibrium price in this market is 20The consumer surplus is 5000The producer surplus is 1000The total surplus is6000Suppose now the government introduces a $6 sales tax on each book.The equilibrium price the producer receives (the price not including the tax) is now19The consumer surplus is now 4512.5 v.The producer surplus is now 902.5The government's revenue is 570The deadweight loss is 15Consider a perfectly competitive market with 1000 firms. The cost function of each firm is C(q) = 0.025g² + 200. The totaldemand in the market is given by Qp=60,000-10,000P.The supply curve for each firm is given by 20The competitive price in this market is 2v. HINT: you need to first find the total market supply. Each firm is producing40v units,The competitive market is in long run equilibrium: 4.5Consider a market for rides (as in the market that Uber operates).Demand for rides is given by QD=120-2P.Supply of rides by drivers is given by Qs=10P.The equilibrium price in this market is 100The consumer surplus is 2500 vThe producer surplus is 500v. Note that producer surplus is calculated in the standard way. Some of it goes to drivers and someto Uber.The total surplus is 3000 vSuppose now that Uber sets the price of a ride at $12.The quantity of rides in the market is now 96The consumer surplus is now 2304 vThe producer surplus is now 691.2 v (still calculated in the standard way).Assuming Uber's revenue is 20% of ride revenue, their revenue at the equilibrium price is 200v and at a price of $12 is230.4 v.

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Consider a market for books. Demand is given by QD=120-P. Supply is given by Qs=5P. The equilibrium price in this market is 20 The consumer surplus is 5000 The producer surplus is 1000 The total surplus is 6000 Suppose now the government introduces a $6 sales tax on each book. The equilibrium price the producer receives (the price not including the tax) is now 19 The consumer surplus is now 4512.5 v. The producer surplus is now 902.5 The government's revenue is 570 The deadweight loss is 15

Consider a market for books. Demand is given by QD=120-P. Supply is given by Qs=5P. The equilibrium price in this market is 20 The consumer surplus is 5000 The producer surplus is 1000 The total surplus is 6000 Suppose now the government introduces a $6 sales tax on each book. The equilibrium price the producer receives (the price not including the tax) is now 19 The consumer surplus is now 4512.5 v. The producer surplus is now 902.5 The government's revenue is 570 The deadweight loss is 15

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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