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Domestic demand and supply for wheat are given by: Qd = 1000 - 20P Qs = 500 + 30P Suppose that supply declines by 40 percent. The equilibrium price will increase by: O A $3.64 OB $5.25 OC $8.42 OD $2.00 Suppose demand and supply of gasoline are given by the following linear functions: Qd = 100 - 20P Qs = 50 + 10P where Q is the quantity in millions of litres and P is the price per litre. Suppose a tax of $1.10 per litre is imposed on gasoline. The deadweight loss equals: O A $2.13 million O B. $4.03 million OC $3.33 million OD. $2.70 million

Domestic demand and supply for wheat are given by: Qd = 1000 - 20P Qs = 500 + 30P Suppose that supply declines by 40 percent. The equilibrium price will increase by: O A $3.64 OB $5.25 OC $8.42 OD $2.00 Suppose demand and supply of gasoline are given by the following linear functions: Qd = 100 - 20P Qs = 50 + 10P where Q is the quantity in millions of litres and P is the price per litre. Suppose a tax of $1.10 per litre is imposed on gasoline. The deadweight loss equals: O A $2.13 million O B. $4.03 million OC $3.33 million OD. $2.70 million

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Domestic demand and supply for wheat are given by: Qd = 1000 - 20P Qs = 500 + 30P Suppose that supply declines by 40 percent. The equilibrium price will increase by: OA $3.64 OB. $5.25 OC $8.42 OD $2.00 Suppose demand and supply of gasoline are given by the following linear functions: Qd = 100 - 20P Qs = 50 + 10P where Q is the quantity in millions of litres and P is the price per litre. Suppose a tax of $1.10 per litre is imposed on gasoline. The deadweight loss equals: O A $2.13 million O B. $4.03 million O C $3.33 million OD. $2.70 million
Transcribed Image Text:Domestic demand and supply for wheat are given by: Qd = 1000 - 20P Qs = 500 + 30P Suppose that supply declines by 40 percent. The equilibrium price will increase by: OA $3.64 OB. $5.25 OC $8.42 OD $2.00 Suppose demand and supply of gasoline are given by the following linear functions: Qd = 100 - 20P Qs = 50 + 10P where Q is the quantity in millions of litres and P is the price per litre. Suppose a tax of $1.10 per litre is imposed on gasoline. The deadweight loss equals: O A $2.13 million O B. $4.03 million O C $3.33 million OD. $2.70 million
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