Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (in front of those numbers b. The equilibrium price is $ and the equilibrium quantity is 600 c. Suppose the government imposes a $15 per unit tax on sellers of this good. Instructions: Use the tool provided Sy' to draw the new supply curve on the diagram above. Plot this for quantities 20, 60, 100, 140. and 180 (5 points total) d. The new equilibrium quantity is 40 Consumers will pay $ 30 After the tax, sellers will receive $600 e. Using the midpoint formula, the price elasticity of demand over this price change is: tif demand were less elastic (holding supply constant), the deadweight loss would be [smaler

Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (in front of those numbers b. The equilibrium price is $ and the equilibrium quantity is 600 c. Suppose the government imposes a $15 per unit tax on sellers of this good. Instructions: Use the tool provided Sy' to draw the new supply curve on the diagram above. Plot this for quantities 20, 60, 100, 140. and 180 (5 points total) d. The new equilibrium quantity is 40 Consumers will pay $ 30 After the tax, sellers will receive $600 e. Using the midpoint formula, the price elasticity of demand over this price change is: tif demand were less elastic (holding supply constant), the deadweight loss would be [smaler

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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