QUESTION 3Let= 500-P and Q = 4P Suppose the government levies adO a. 32, 121O b. 19,000,001O c. 73,728O d.-20,987on consumers of 20 per unit of the good. Consumer Surplus (after the tax is levied on consumers) is equal to: QUESTION 7Consider the market for tangelo oranges and suppose the demand function is given by Q=2000-2P, where represents the quantity demanded of tangelo oranges and P represents the price per pound. Suppose the supply function is given by Q=3P, where Q represents thequantity supplied. Find the equilibrium quantity and price of tangelo oranges in the market.O a. Equilibrium price and quantity are, respectively, P=400, Q=1200.O b. Equilibrium price and quantity are, respectively, P = 425, Q=925.O c. Equilibrium price and quantity are, respectively, P=1000, Q=300.O d. Equilibrium price and quantity are, respectively, P=500, Q = 500.

The consumer surplus refers to the difference between the maximum price a consumer is willing to pay…

Let Q=500-P and Q=4P Suppose the government levies a tax d O a. 32,121 O b. 19,000,001 O c. 73,728 O d. -20,987 S consumers of 20 per unit of the good. Consumer Surplus (after the tax is levied on consumers) is equal to

Let Q=500-P and Q=4P Suppose the government levies a tax d O a. 32,121 O b. 19,000,001 O c. 73,728 O d. -20,987 S consumers of 20 per unit of the good. Consumer Surplus (after the tax is levied on consumers) is equal to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please answer questions 1 through 3.