Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. The government will impose Php 1.5 as sales tax please answer all questions. Thanks How much is the change in tax? (Use a number, up to 4 decimal values, nocommas, no space) *Your answerWhat is the equilibrium point, with sales tax? *(16 , 5)(5,16)(17 ,4.75)(6 , 3)(3,6)O (4.75, 17)How much is the deadweight loss due to sales tax? (Use a number, up to 4decimal values, no commas, no space) *Your answerHow much is the producer surplus, without sales tax? (Use a number, up to 4decimal values, no commas, no space) * What is the demand function? *P = 6 + 2 QQ = 9 - 0.25 PO P = 7.5 + 2 QQ = -3 + 0.5 PO P = 36 - 4 QQ = -3.75 + 0.5PWhat is the price elasticity of demand at equilibrium point, without sales tax?(Use a number, up to 4 decimal values, no commas, no space) *Your answerHow much is the total surplus, with sales tax? (Use a number, up to 4 decimalvalues, no commas, no space) *Your answer

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the market for product ABC, when the price is at Php 12,
quantity demanded is 6 units and quantity supplied is 3 units.
An eight pesos increase in the price would change quantity demanded
by 2 units and quantity supplied by 4 units.
The government will impose Php 1.5 as sales tax

please answer all questions. Thanks

How much is the change in tax? (Use a number, up to 4 decimal values, no
commas, no space) *
Your answer
What is the equilibrium point, with sales tax? *
(16 , 5)
(5,16)
(17 ,4.75)
(6 , 3)
(3,6)
O (4.75, 17)
How much is the deadweight loss due to sales tax? (Use a number, up to 4
decimal values, no commas, no space) *
Your answer
How much is the producer surplus, without sales tax? (Use a number, up to 4
decimal values, no commas, no space) *

What is the demand function? *
P = 6 + 2 Q
Q = 9 - 0.25 P
O P = 7.5 + 2 Q
Q = -3 + 0.5 P
O P = 36 - 4 Q
Q = -3.75 + 0.5P
What is the price elasticity of demand at equilibrium point, without sales tax?
(Use a number, up to 4 decimal values, no commas, no space) *
Your answer
How much is the total surplus, with sales tax? (Use a number, up to 4 decimal
values, no commas, no space) *
Your answer

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