The demand for hamburgers is given by Qd=10-p and the supply is Qs=4p-10, where pd and ps are, respectively the price paid by demanders and the price received by suppliers.A: Draw the demand and supply functions. What is the price-elasticity of demand? What is the price-elasticity of supply?B: Find the equilibrium quantity and price, and show them on the graph.C: Suppose due to the rising health awareness the demand decreases to Q d=5-p. Find the new equilibrium prices and quantity, and show them on the graph. D: Suppose that the demand and supply are as before, i.e. Qd=10-p and Qs=4p-10, but now the government imposes a quantity tax on the suppler at the rate of 1 per unit of the quantity. What quantity will be sold and what price?E: In part d), what is the total amount of tax collected by the government? How this tax amount is divided between the demanders and supplier? Who pays more and why? Explain The demand for hamburgers is given by Qd=10-p and the supply is Q³=4p-10, where på and ps are,respectively the price paid by demanders and the price received by suppliers.a. Draw the demand and supply functions. What is the price-elasticity of demand? What is theprice-elasticity of supply?Find the equilibrium quantity and price, and show them on the graph.Suppose due to the rising health awareness the demand decreases to Qd=5-p. Find the newequilibrium prices and quantity, and show them on the graph.d. Suppose that the demand and supply are as before, i.e. Qd=10-p and Q³-4p-10, but now thegovernment imposes a quantity tax on the suppler at the rate of 1 per unit of the quantity.What quantity will be sold and what price?e. In part d), what is the total amount of tax collected by the government? How this taxamount is divided between the demanders and supplier? Who pays more and why? Explain.b.c.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The demand for hamburgers is given by Q^d=10-p and the supply is Q^s=4p-10, where pd and ps are, respectively the price paid by demanders and the price received by suppliers.

A: Draw the demand and supply functions. What is the price-elasticity of demand? What is the price-elasticity of supply?

B: Find the equilibrium quantity and price, and show them on the graph.

C: Suppose due to the rising health awareness the demand decreases to Q^d=5-p. Find the new equilibrium prices and quantity, and show them on the graph.

D: Suppose that the demand and supply are as before, i.e. Q^d=10-p and Q^s=4p-10, but now the government imposes a quantity tax on the suppler at the rate of 1 per unit of the quantity. What quantity will be sold and what price?

E: In part d), what is the total amount of tax collected by the government? How this tax amount is divided between the demanders and supplier? Who pays more and why? Explain

The demand for hamburgers is given by Qd=10-p and the supply is Q³=4p-10, where på and ps are,
respectively the price paid by demanders and the price received by suppliers.
a. Draw the demand and supply functions. What is the price-elasticity of demand? What is the
price-elasticity of supply?
Find the equilibrium quantity and price, and show them on the graph.
Suppose due to the rising health awareness the demand decreases to Qd=5-p. Find the new
equilibrium prices and quantity, and show them on the graph.
d. Suppose that the demand and supply are as before, i.e. Qd=10-p and Q³-4p-10, but now the
government imposes a quantity tax on the suppler at the rate of 1 per unit of the quantity.
What quantity will be sold and what price?
e. In part d), what is the total amount of tax collected by the government? How this tax
amount is divided between the demanders and supplier? Who pays more and why? Explain.
b.
c.

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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