part D Question 5 Part cA tsunami hits the island of Leavey and destroys the whole crop of coconuts.What is the equilibrium price and quantity of coconuts in Santa Clara after thetsunami?Question 5 Part dDue to the hardship brought on residents of Leavey by the tsunami, Santa Claradecides to remove the $1 tax in Leavey. What is the equilibrium price in SantaClara, now? What is the tax amount that Santa Clara collects? Question 5An island nation of Santa Clara that grows coconuts consists of two islands:Leavey and Sobrato. Each island produces 100 pounds of coconuts. Let's assumethat the supply curves of coconuts are perfectly inelastic in both islands. Thedemand curve in each island is Q = 200-20P, where P is the price of coconutthat consumers pay.Question 5 Part aWhat is the equilibrium price and quantity of coconuts in Santa Clara? Whatis the price elasticity of demand at the equilibrium level?Question 5 Part bSuppose there is $1 tax imposed on each pound of coconut sold in Santa Clara.What would be the price that coconut growers receive? What is the price thatbuyers pays?

The country is said to be in equilibrium when the total demand of good is equal to total supply of…

Question 5 Part c A tsunami hits the island of Leavey and destroys the whole crop of coconuts. What is the equilibrium price and quantity of coconuts in Santa Clara after the tsunami? Question 5 Part d Due to the hardship brought on residents of Leavey by the tsunami, Santa Clara decides to remove the $1 tax in Leavey. What is the equilibrium price in Santa Clara, now? What is the tax amount that Santa Clara collects?

Question 5 Part c A tsunami hits the island of Leavey and destroys the whole crop of coconuts. What is the equilibrium price and quantity of coconuts in Santa Clara after the tsunami? Question 5 Part d Due to the hardship brought on residents of Leavey by the tsunami, Santa Clara decides to remove the $1 tax in Leavey. What is the equilibrium price in Santa Clara, now? What is the tax amount that Santa Clara collects?

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

part D

Question 5
An island nation of Santa Clara that grows coconuts consists of two islands:
Leavey and Sobrato. Each island produces 100 pounds of coconuts. Let's assume
that the supply curves of coconuts are perfectly inelastic in both islands. The
demand curve in each island is Q = 200-20P, where P is the price of coconut
that consumers pay.
Question 5 Part a
What is the equilibrium price and quantity of coconuts in Santa Clara? What
is the price elasticity of demand at the equilibrium level?
Question 5 Part b
Suppose there is $1 tax imposed on each pound of coconut sold in Santa Clara.
What would be the price that coconut growers receive? What is the price that
buyers pays?

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