Suppose the market demand and supply curves are as given below. In each case, quantity refers to milions of litres of gasoline per month; price is the price per litre (in cents).Pa400 - 240Supply: P= 160 + 80Given these demand and supply equations, the equilbrkum price is 220 cents and the equilibrium quantity is 7.5 milion litres.Suppose the government imposes a tax per itre, and as a result the quantity sold is 5.8 million litres. What is the new "consumer price" and what is the new "producer price"?The new price consumers pay is 260.8 cents. (Enter your response rounded to the nearest cent.)The new price producers receive is cents. (Enter your response rounded to the nearest cent.)

The market demand and supply curves are given below Demand: P = 400 - 24QD Supply: P = 160 + 8QS…

Answered: Suppose the market demand and sup…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that weekly demand for iron ore in Australia is given by P = 900 -Q and supply is gven by P = 20, where Qrepreserits tonnes of iron ore. To sunport consuens the government decides to impose a price ceiling of $400 per tonne if the govermment agrees to buy any escess supply, it will have to spend____________to buy___________ tonnes of inon ore. options are $180000;600 $90000;300 $240000;600 none is correct $120000;300
please answer it legible and clear with complete solutiuon and asnwer it all... thank you
Suppose the federal govemment requires beer drink·ers 10 pay a $2 tax on each case of beer purchased. (Infact, both the federal and state governments imposebeer taxes of some sort.}a . Draw a supply-and-demand diagram of the mar·kct for beer without the tax. Show the price paidby consumers, the price n..~cived by producers*and the quantity of beer sold. What is the differ>encc between t~ price paid by consumers and theprice received by producers?b. Now draw a suppl)'•and--dem.and diagram fort~beer market with t~ tax. Show the price paid byconsumers, the price received by producers, andthe quantity olbec.r sold. What is the differencebetween the price paid by consumers and theprice received by producers? Has the quantity olbeer sold incrca.<;ed or decreased?
A technology change shts the inverse eply function from 1+3y to p1+g verse demand is p21- Which of the following statements are te in epubrium 1 Producer surplua inoreases Gtion8 2 Consumer surplus increases 3 Ouantity doubles a None 1 and 2 C 12 and 3 d 1 and 3 Vour aner ie inconect The conect aswer 12 and 3 The government wanta to impose a $3 per unit tax on sugar to reduce sugar consumption. is known that tases wil result in a deadweight los Given the supply function is -3p. which of the folowing inverse demand function will result in the smalest deadweight loss? Guesti9 000 p out a Insufficient information to conclude p-700-24 p-1000-3y TUur answera inconec
age Figure 7-2 Price P₁ P₂ B D O a. ACF O b. ABD O C. DEF O d. BCED E Q₂ 8₂ D Quantity Refer to Figure 7-2. Which area represents consumer surplus at a price of P1? me left:52:46 NEXT PAGE
Figure 4-19 The diagram below pertains to the demand for turkey in the United States. ↑price DB O x to y. Oy to x. O DA to DB- O D₂ to DA DA quantity Refer to Figure 4-19. All else equal, the premature deaths of thousands of turkeys would cause a move from
claSSMate Date Page The two demand functions of tuwo fisms are = 50 +100 -200 P. 9. D2 = 500 - 200 R + 10OP, %3D 9. Calulate inverse- demand function400 both the fims ie find pnce as a'function of quantifly demanded
Question 39What would be the demand load for all of these items? (Show all ofyour calculations in your word-processing document.)
Answer plzz with details explaintion....
what are the determinants of the produce surplusin a market ?how does it increse depend on the determination ?
The table below shows the amount three sellers are willing to sell (WTS) for different quantities of large pepperoni pizzas. SellerQuantity of pizzas suppliedWTS for each pizzaPeter4$30Paul8$24Mary4$12 On the diagram below, draw the supply curve for pepperoni pizza.How much total producer surplus do they receive if the price of pizza is $25? $ Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

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