Please refer to the background information below to answer the following three questions. Consider the following supply and demand schedule of chocolate. Price ($ per unit) Quantity Demanded (units) Quantity Supplied (units) 40 45 295 270 245 95 120 50 145 170 195 220 55 220 60 195 65 70 170 145 245 75 120 95 70 270 80 295 85 320 90 45 345 95 20 370 33. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a tax of $10 for each unit of the chocolate sold, the new equilibrium price paid by the consumers will be S[ Answer33 ). 34. Given the above information, the government's tax revenue will be $[ Answer34 ]. 35. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a subsidy of $10 for each unit of the chocolate sold, the new equilibrium quantity would be [ Answer35 | units.

Please refer to the background information below to answer the following three questions. Consider the following supply and demand schedule of chocolate. Price ($ per unit) Quantity Demanded (units) Quantity Supplied (units) 40 45 295 270 245 95 120 50 145 170 195 220 55 220 60 195 65 70 170 145 245 75 120 95 70 270 80 295 85 320 90 45 345 95 20 370 33. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a tax of $10 for each unit of the chocolate sold, the new equilibrium price paid by the consumers will be S[ Answer33 ). 34. Given the above information, the government's tax revenue will be $[ Answer34 ]. 35. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a subsidy of $10 for each unit of the chocolate sold, the new equilibrium quantity would be [ Answer35 | units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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