Table 1: Market for Skis Qd Qs 0 P 0 20 40 60 80 100 25 20 15 10 5 0 4 8 12 16 20 1. Consider Table 1. a. What is the equilibrium price and quantity? b. What is the CS, PS, and TS? C. If there is a $20 tax, what is the equilibrium price buyers pay, the price sellers receive, and the quantity? d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.

Table 1: Market for Skis Qd Qs 0 P 0 20 40 60 80 100 25 20 15 10 5 0 4 8 12 16 20 1. Consider Table 1. a. What is the equilibrium price and quantity? b. What is the CS, PS, and TS? C. If there is a $20 tax, what is the equilibrium price buyers pay, the price sellers receive, and the quantity? d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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