What is the government's revenue collected from the $20 sales tax on each yellow bell pepper? Enter the dollar value in the blank below. Repeating the table for convenience: Table 1: Table Price Q. Demanded Q. Supplied $ 20 120 0 $ 25 110 10 $30 100 20 $35 90 30 $40 80 40 $45 70 50 $ 50 60 60 $55 50 70 $ 60 40 80 30 90 20 100 10 110 0 120 $65 $ 70 $75 $80

What is the government's revenue collected from the $20 sales tax on each yellow bell pepper? Enter the dollar value in the blank below. Repeating the table for convenience: Table 1: Table Price Q. Demanded Q. Supplied $ 20 120 0 $ 25 110 10 $30 100 20 $35 90 30 $40 80 40 $45 70 50 $ 50 60 60 $55 50 70 $ 60 40 80 30 90 20 100 10 110 0 120 $65 $ 70 $75 $80

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.
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Problem 3. Given that the farm gate price of product x is PHP 15.00/kg, Q1 is 350 kg and Q2 is 300 kg; a) what will be the tax revenue if buyer's price (with tax) is 20% higher than the the farm gate price? b) what is the value of the deadweight loss? Price PB Ps 0 *********** B В D Supply Demand Q2 Q₁ Quantity