Fill in the BlanksType your answers in all of the blanks and submitConsider the market for oranges. Suppose the demand curve is given by Q = 40 - 2P and the supplycurve is given by Q = 2P. (It will help to draw things out.)The demand curve will intersect the x-axis at Q =20and it will intersect they-axis at P =40The equilibrium price will be20and the equilibrium quantity will be10The consumer surplus will be100and the producer surplus will be100 Fill in the BlanksType your answers in all of the blanks and submitContinue with the supply and demand curved given in "Markets 1". Another way the governmentcould limit sales is through taxes. Let's say the government imposes a tax of $10 on each transaction.In the post-tax equilibrium, 10 oranges will be sold, and consumers will pay $15 for each, whileproducers get $5 (the difference, $10 per orange, is collected as taxes).Now, the consumer surplus isType your answer herethe producer surplus isType your answer hereand government revenues areType your answer hereSo the deadweight loss due to taxes isType your answer here

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Fill in the Blanks ype your answers in all of the blanks and submit Consider the market for oranges. Suppose the demand curve is given by Q = 40 - 2P and the supply curve is given by Q = 2P. (It will help to draw things out.) The demand curve will intersect the x-axis at Q = 20 and it will intersect the |-axis at P= 40 The equilibrium price will be and the equilibrium quantity will be 20

Fill in the Blanks ype your answers in all of the blanks and submit Consider the market for oranges. Suppose the demand curve is given by Q = 40 - 2P and the supply curve is given by Q = 2P. (It will help to draw things out.) The demand curve will intersect the x-axis at Q = 20 and it will intersect the |-axis at P= 40 The equilibrium price will be and the equilibrium quantity will be 20

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 2WNG

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