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Question 1 (15 marks) Please refer to the graph below and answer the questions. Price 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 Supply 2 456 + Demand + + + + 8 10 12 14 16 18 20 22 242526 28 a. What is the equilibrium price in this market? b. What is the equilibrium quantity in this market? c. What is the amount of consumer surplus? d. What is the amount of producer surplus? Quantity e. Suppose the government imposes a $50 per unit tax on the sales of the good. What would be the price paid by the consumers for the good? f. With a $50 per unit tax imposed, what would be the price received by the producers? g. With a $50 per unit tax imposed, what is the amount of consumer surplus? h. With a $50 per unit tax imposed, what is the amount of producer surplus? i. With a $50 per unit tax imposed, what is the amount of the tax revenue? j. What is the amount of deadweight loss?

Question 1 (15 marks) Please refer to the graph below and answer the questions. Price 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 Supply 2 456 + Demand + + + + 8 10 12 14 16 18 20 22 242526 28 a. What is the equilibrium price in this market? b. What is the equilibrium quantity in this market? c. What is the amount of consumer surplus? d. What is the amount of producer surplus? Quantity e. Suppose the government imposes a $50 per unit tax on the sales of the good. What would be the price paid by the consumers for the good? f. With a $50 per unit tax imposed, what would be the price received by the producers? g. With a $50 per unit tax imposed, what is the amount of consumer surplus? h. With a $50 per unit tax imposed, what is the amount of producer surplus? i. With a $50 per unit tax imposed, what is the amount of the tax revenue? j. What is the amount of deadweight loss?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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  1. What is the equilibrium price in this market?
  2. What is the equilibrium quantity in this market?
  3. What is the amount of consumer surplus?
  4. What is the amount of producer surplus?
  5. Suppose the government imposes a $50 per unit tax on the sales of the good. What would be theprice paid by the consumers for the good?
  6. With a $50 per unit tax imposed, what would be the price received by the producers?
  7. With a $50 per unit tax imposed, what is the amount of consumer surplus?
  8. With a $50 per unit tax imposed, what is the amount of producer surplus?
  9. With a $50 per unit tax imposed, what is the amount of the tax revenue?
  10. What is the amount of deadweight loss?

i need all the above questions to be answered. thank you. 

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Question 1 (15 marks) Please refer to the graph below and answer the questions. Price 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 Supply 2 456 + Demand + + + + 8 10 12 14 16 18 20 22 242526 28 a. What is the equilibrium price in this market? b. What is the equilibrium quantity in this market? c. What is the amount of consumer surplus? d. What is the amount of producer surplus? Quantity e. Suppose the government imposes a $50 per unit tax on the sales of the good. What would be the price paid by the consumers for the good? f. With a $50 per unit tax imposed, what would be the price received by the producers? g. With a $50 per unit tax imposed, what is the amount of consumer surplus? h. With a $50 per unit tax imposed, what is the amount of producer surplus? i. With a $50 per unit tax imposed, what is the amount of the tax revenue? j. What is the amount of deadweight loss?
Transcribed Image Text:Question 1 (15 marks) Please refer to the graph below and answer the questions. Price 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 Supply 2 456 + Demand + + + + 8 10 12 14 16 18 20 22 242526 28 a. What is the equilibrium price in this market? b. What is the equilibrium quantity in this market? c. What is the amount of consumer surplus? d. What is the amount of producer surplus? Quantity e. Suppose the government imposes a $50 per unit tax on the sales of the good. What would be the price paid by the consumers for the good? f. With a $50 per unit tax imposed, what would be the price received by the producers? g. With a $50 per unit tax imposed, what is the amount of consumer surplus? h. With a $50 per unit tax imposed, what is the amount of producer surplus? i. With a $50 per unit tax imposed, what is the amount of the tax revenue? j. What is the amount of deadweight loss?
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