What is the equilibrium price in this market?What is the equilibrium quantity in this market?What is the amount of consumer surplus?What is the amount of producer surplus?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?With a $50 per unit tax imposed, what would be the price received by the producers?With a $50 per unit tax imposed, what is the amount of consumer surplus?With a $50 per unit tax imposed, what is the amount of producer surplus?With a $50 per unit tax imposed, what is the amount of the tax revenue?What is the amount of deadweight loss?i need all the above questions to be answered. thank you. urgent Question 1 (15 marks)Please refer to the graph below and answer the questions.Price170160150140130120110100908070605040302010Supply2 456+Demand+ + + +8 10 12 14 16 18 20 22 242526 28a. 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?Quantitye. Suppose the government imposes a $50 per unit tax on the sales of the good. What wouldbe 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?

To analyze the graph, let's label the graph for easier understanding:The intersection of the supply…

Answered: Question 1 (15 marks) Please refer 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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Question

What is the equilibrium price in this market?
What is the equilibrium quantity in this market?
What is the amount of consumer surplus?
What is the amount of producer surplus?
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?
With a $50 per unit tax imposed, what would be the price received by the producers?
With a $50 per unit tax imposed, what is the amount of consumer surplus?
With a $50 per unit tax imposed, what is the amount of producer surplus?
With a $50 per unit tax imposed, what is the amount of the tax revenue?
What is the amount of deadweight loss?

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

urgent

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?

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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