Hand written solutions are strictly prohibited The market for kaleburgers is given below.Price$10$9$8$7$6$5$4$3$2$10200400600burgers/daySupplyDemand8001000iSuppose the government imposes a $2 per burger tax on this market.a.) In response to the tax, the consumer price will rise to [ per burger.b.) In response to the tax, the price paid to producers will fall to [c.) As a result of this tax, the quantity transacted will be burgers per day.per burger.

Tax is a mandatory payment by the individual to society. The tax amount is collected by the…

The market for kaleburgers is given below. Price $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 0 200 400 600 Supply Demand burgers/day 800 1000 Suppose the government imposes a $2 per burger tax on this market. per burger. a.) In response to the tax, the consumer price will rise to [ b.) In response to the tax, the price paid to producers will fall to c.) As a result of this tax, the quantity transacted will be per burger. burgers per day.

The market for kaleburgers is given below. Price $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 0 200 400 600 Supply Demand burgers/day 800 1000 Suppose the government imposes a $2 per burger tax on this market. per burger. a.) In response to the tax, the consumer price will rise to [ b.) In response to the tax, the price paid to producers will fall to c.) As a result of this tax, the quantity transacted will be per burger. burgers per day.

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

Hand written solutions are strictly prohibited

The market for kaleburgers is given below.
Price
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
0
200
400
600
burgers/day
Supply
Demand
800
1000
i
Suppose the government imposes a $2 per burger tax on this market.
a.) In response to the tax, the consumer price will rise to [ per burger.
b.) In response to the tax, the price paid to producers will fall to [
c.) As a result of this tax, the quantity transacted will be burgers per day.
per burger.

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Bags/Participants Fixed Cost Variable Cost Total Cost 0 $1,700 $ - $1,700 100 $1,700 $500 $2,200 200 $1,700 $1,200 $2,900 300 $1,700 $2,700 $4,400 400 $1,700 $5,200 $6,900 500 $1,700 $9,000 $10,700 600 $1,700 $15,000 $16,700 700 $1,700 $23,800 $25,500 800 $1,700 $36,800 $38,500 900 $1,700 $55,800 $57,500 1,000 $1,700 $83,000 $84,700 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? A Use the profit maximizing rule, MR ≥ MC, buy 300 bags. B Use the profit maximizing rule, MR ≥ MC, buy 200 bags. C Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. D Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.
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