Suppose the demand for pickles on The Citadel is Qd=500-4P, and the supply is Qs=6P. What is equilibrium price and quantity what is the price buyers will pay and sellers receive if tax is $2 what is the burden on consumers, producers, the amount of total tax paid

Suppose the demand for pickles on The Citadel is Qd=500-4P, and the supply is Qs=6P. What is equilibrium price and quantity what is the price buyers will pay and sellers receive if tax is $2 what is the burden on consumers, producers, the amount of total tax paid

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Demand: D(p) = q= 182 – 12p and Supply: S(p) = q= 45 + 14p %3D a.) Assume there are no taxes…

A: Equilibrium is achieved where Qs=Qd

Q: The following graph represents the demand and supply for pinckneys (an imaginary product). The black…

A: Consumer surplus shows consumer ability to pay for any good and producer surplus shows producer’s…

Q: Suppose legislation is passed stating that a per unit tax of $.50 per gallon of gasoline must be…

A: When demand is more elastic than the supply than in this situation suppliers bear the more burden of…

Q: Given the following information QD = 240-5p QS = P Where QD is the quantity demanded, Qs is the…

A: Given, QD = 240-5P QS = P Tax on sellers = $12 per unit

Q: Given the following information QD = 240 - 5P QS = p where QD is the quantity demand, QS is the…

A: QD = 240 - 5P P = 48 - 0.2Q QS = p Equilibrium price: 240-5P =P 6P = 240 P= $40 Q=240-5*40 Q= 40…

Q: What happens to the market equilibrium price and output when tax is imposed on the buyers? Is the…

A: Taxation refers to the compulsory charge imposed by the government on the users of certain goods,…

Q: Consider the following demand and supply functions. Demand: D(p) = q = 169 – 9p and Supply: S(p) = q…

A: Demand : D(p) =q=169-9pSupply : S(p) =q=45+11pAt equilibrium point, demand = supply

Q: Given the following information QD = 240 – 5P QS = P where QD is the quantity demanded, QS is the…

A: Given, The demand curve, QD = 240 – 5P The supply curve, QS = P Tax amount = T= $12 Before tax,…

Q: Consider a market with an equilibrium quantity of 100 and an equilibrium price of $40. Suppose the…

A: In the market, equilibrium occurs at the intersection point of market demand and market supply…

Q: Consider a food market for which quantities demanded and supplied at various prices provided below…

A: Tax is defined as a mandatory fee or a charge which is levied by the government on an individual or…

Q: Suppose that the supply curve for beer is given by QS=20+4P and the demand for beer is given by…

A: Part (i): The pre-tax and post-tax equilibrium price of beer. Pre-tax Equilibrium: Supply Curve: QS…

Q: Suppose supply is P= 4 + (1/4)Qs and demand is P= 58 ―(1/2)Qd. Suppose at the market equilibrium,…

A: Given At equilibrium, Price elasticity of demand Ed=109 Price elasticity of supply: PS=59 Formula…

Q: The /S curve shows combinations of: O A. nominal money balances and price levels. O B. taxes and…

A: The IS curve is a fundamental concept in macroeconomics that represents the locus of points at which…

Q: The market price will _______ when the tax is implied on the commodity

A: A tax refer to a legally set fee by the local or central government on economic entities with the…

Q: the tax of $6 per unit ,the price that consumers will pay is $10 and quantity sold is Q=20…

A: the tax of $6 per unit ,the price that consumers will pay is $10 and quantity sold is Q=20

Q: The following graph represents the demand and supply for blinkies (an imaginary product). The black…

A: Government intervention occurs when the government intervenes in the marketplace with the intent of…

Q: If a tax of $1.20 is imposed on consumers in this market, what is the tax revenue?

Q: Question 29 Given the following information OD - 240 - SP QS P where QD is the quantity demanded. QS…

A: Given in the question: QD=240-5P QS = P Tax Imposed: t = $12 To find: Tax Revenue.

Q: Suppose that a market is initially in equilibrium. The initial demand curve is p=90-Qd and the…

A: Equilibrium in the market occurs where quantity demanded is equal to quantity supplied.

Q: Assume that the demand function is given by x = p-εd and the supply function by y = . Find the…

A: The tax incidence demonstrates the impact of tax imposition on the buyers and sellers of a…

Q: GIVEN THE FOLLOWING QD=240-5P QS=P WHERE QD IS THE QUANTITY DEMANDED, QS IS THE QUANTITY SUPPLIED…

A: Market equilibrium Qs=QdP=240-5P6P=240P=240/6=$40per unit Qd=240-5P=240-5×40=240-200=40 units New…

Q: 1. The equilibrium price of juice was initially $1.80 per bottle, and the equilibrium quantity was…

A: here we calculate the tax face by buyer , seller and affect of tax on consumption as follow-

Q: PD=12-3q PS= 2+2Q Tax imposed=5 market is in equilibrium. what is the tax burden on…

A: Demand: PD=12-3q qd=(12-P)/3 Supply: PS=2+2Q qs=(P-2)/2 Tax imposed=5 Initial Equilibrium:…

Q: In a particular market, the supply is elastic and demand is inelastic. If a tax is imposed on the…

A: In the graph the initial equilibrium is at E where D intersects with S and the equilibrium price is…

Q: Demand for a product is described by the price-quantity curve p = 225 0.2g and supply is described…

A: We are given: Demand: Pd = 225 - 0.2 q1/2Supply: Ps = 45 + 0.2 q1/2

Q: The demand for gasoline is P= 6-0.002 Q and the supply is P= 0.6+0.004 Q, where P is in dollars and…

A: In competitive markets, prices are determined by the interaction of supply and demand dynamics.…

Q: Question 3 Given the following information QD =240-5p QS = p Where QD is the quantity…

A: Given:Tax=$12QD=240-5pQS (after tax)=p-12

Q: market. Determine demand and supply equation after tax Given the following information: QD = 240 –…

A: QD (Quantity demanded) describes the TA (total amount) of commodity or services that a person DD…

Q: 1.Given the following information Qd = 240 – 5p Qs= P Where Qd is the quantity demanded, Qs is…

A: Consumer surplus is the difference between the price a consumer is willing to pay and the actual…

Q: GIVEN THE FOLLOWING QD=240-5P QS=P WHERE QD IS THE QUANTITY DEMANDED, QS IS THE QUANTITY SUPPLIED…

A: After the imposition of tax the consumer surplus declines as price paid by consumer increases…

Q: qD = 100 – 0.5p, qS = 2p – 20 What happens to this market if the government imposes a tax of $10…

A: Equilibrium point is where demand and supply curve intersect each other. And tax imposed on goods…

Q: Given the following information QD = 240-5P QS= P Where QD is the quantity demanded, Qs is the…

A: Consumer Surplus is the difference between what consumers are willing and able to pay for a good and…

Q: Given the following information QD = 240-5p QS = P Where QD is the quantity demanded, Qs is the…

A: Equilibrium in economics is a state of stability and balance. Any deviation from this level will…

Q: Suppose the demand and supply are given by Qd=500 - 2P and Qs =100 + 3P A. Suppose a 1 Ghana cedis…

A: The market is a arrangement which involves the buying and selling of the goods and services as a…

Q: Figure Suppose that the government imposes a tax of P3 - P1. Answer questions 7 to 11 based on this…

A: Charges or taxes are required by legislatures on their residents to create pay for undertaking…

Q: given the following information Qd=240 -5p and Qs= P Where Qd is the quantity demanded and Qs is the…

A: Before tax of $12, the price(P) in the market is $40 and Q(quantity) is 40 units, which is seen…

Q: The original equilibrium of a market is at price $20 and quantity 20. If a tax of $10 is imposed and…

A: An excise tax when collected from sellers shifts the supply curve upward by the amount of the tax.…

Q: nsider the following supply and demand curves Price = 35-4*Q Price = 3*Q Suppose the government…

A: The equilibrium is set up where the demand and supply forces are equal. The given demand and supply…

Q: Question 2c - Part 2 Given the following information Qp = 240 - 5P %3! Qs = P where Qp is the…

A: Producer surplus measures the difference between market price and the minimum price consumer is…

Q: Is the following statement true or false? Given is the graph below of the oil market. Without the…

A: Tax: It refers to the income of the government. The more the taxes in an economy the more will be…

Q: Below, you are provided with the demand and supply curves for burgers. You will use this information…

A: Hi Student, Thanks or posting the question. As per the guideline, we are providing answer for the…

Question

Suppose the demand for pickles on The Citadel is Qd=500-4P, and the supply is Qs=6P.

What is equilibrium price and quantity

what is the price buyers will pay and sellers receive if tax is $2

what is the burden on consumers, producers, the amount of total tax paid

Video Video

Expert Solution

Step 1

At equilibrium, Demand and supply curve intersect each other.

Hence, at equilibrium, Qd=Qs

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Consider a market where supply and demand curves are given by Q = 4P and Q = 12 - 2P. Calculate the equilibrium price and quantity in this market. Now consider a government that collects a unit tax of 0.2 liras for every unit of good sold in the market from the producers. What is the new supply curve? What is the new market equilibrium quantity? What is the price that consumers pay? What is the price producers get? What is the tax incidence on consumers? producers?
Questions 31-35 concern the supply and demand equations below: QD Qs = P – 3 = 27 – 2P Find the market equilibrium price and quantity. 31. P* = 32. Q* Now a $3 tax is imposed on buyers and the market adjust to its new equilibrium. 33. Рp 34. tax revenue = 35. DWL
Q)Economics If the tax elasticity of supply is 0.16, by how much will the quantity supplied increase when the marginal tax rate decreases from 40 to 36 percent?
Refer to Figure A-2. The supply curve S1 and the demand curve D show the initial market equilibrium for the beer market. A $.25-per-bottle tax is on beer is placed on producers, which shifts the supply curve from S1 to S2. What is the tax revenue generated by consumers? Group of answer choices $12 15 $0.25 3
Qd = 240 - 5p Qs = P Where Qd is the quantity demanded, Qs is the quantity supplied and P is the price. Suppose the government impose a tax of $12 per unit on sellers in the market. Determine; The consumer surplus before and after tax and the producers surplus before and after tax.
do fast.
Given the following information QD = 240-5p QS = P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price. Suppose that the government decides to impose a tax of $12 per unit on sellers in the market. Determine : 1: Sellers price after tax 2: Quantity after tax 3: Producer supply after tax 4: Tax Revenue
12. Let the inverse market demand and supply be D-¹(q) = 14 - 2q and S-¹(q) = 2 + q. Find the equilibrium price and quantity for a competitive market. Find the equilibrium quantity and the prices for the consumer and seller when there is a quantity tax of 2 per unit imposed. Calculate the deadweight loss and the tax revenue.
Given: Qd = 240 - 5P Qs = P Where Qd is the quantity demanded, Qs is the quantity supplied and P is the price. Suppose the government decides to impose a tax of $12 per unit on sellers in this market. Determine: A) The consumer surplus after tax B) The producer surplus after tax C) The tax revenue
In the market for candy, researchers have estimated the following demand and supply curves. Demand: P= 8 - Q/100 Supply: P= (3Q)/700 If the government imposes an excise tax of $0.50 per unit. What is tax revenue out of this tax? (Remember that the tax does not change the demand and supply curves).
1.Given the following information Qd= 240 – 5p Qs= P Where Qd is the quantity demanded, Qs is the quantity supplied and P is the price. Suppose that the government decides to impose a tax of $12 per unit on sellers in this market. What is the buyer’s price after tax?
Which of the following statements is correct regarding a tax on a good and the resulting deadweight loss? The greater are the price elasticities of supply and demand, the greater is the deadweight loss. The greater is the price elasticity of supply and the smaller is the price elasticity of demand, the greater is the deadweight loss. The smaller are the decreases in quantity demanded and quantity supplied, the greater the deadweight loss. The smaller is the wedge between the effective price to sellers and the effective price to buyers, the greater is the deadweight loss.