Explanation Given information: The demand and supply curves for a product are given in terms of price, p, by q = 2500 − 20 p and q = 10 p − 500 Concept Used: The quantity, q of an item that is manufactured and sold depend on its price, p. As the price increases, manufacturers are usually willing to supply more of the product, whereas the quantity demanded by consumers falls. The supply curve, for a given item, relates the quantity, q, of the item that manufacturers are willing to make per unit time to the price, p, for which the item can be sold.The demand curve relates the quantity, q, of an item demanded by consumers per unit time to the price, p, of the item. Equilibrium Price and Quantity: If we plot the supply and demand curves on the same axes, the graphs cross at the equilibrium point ( p 0 , q 0 ) . The values p 0 and q 0 at this point are called the equilibrium price and equilibrium quantity, respectively. It is assumed that the market naturally settles to this equilibrium point.If prices are above the equilibrium price, the market tends to push prices lower towards the equilibrium and vice versa because Price and quantity supplied are directly related. As price goes down, the quantity supplied decreases. As price goes up, the quantity supplied increases. Calculation: Steps Description 2500 − 20 p = 10 p − 500 2500 − 20 p − 10 p = 10 p − 500 − 10 p 2500 − 30 p = − 500 2500 − 30 p − 2500 = − 5 To determine (b) To find: The new equilibrium price and quantity after specific tax imposed on suppliers. Representing the answer on a graph To determine (c) To find: Amount of the $6 is paid by consumers and by producers To determine (d) To find: The total tax revenue received by the government

6th Edition

ISBN: 9781119399322

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 1.4, Problem 43P

To determine

(a)

To find:

The equilibrium price and quantity. Representing the answer on a graph

To determine

(b)

To find:

The new equilibrium price and quantity after specific tax imposed on suppliers. Representing the answer on a graph

To determine

(c)

To find:

Amount of the $6 is paid by consumers and by producers

To determine

(d)

To find:

The total tax revenue received by the government

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Chapter 1.4, Problem 42P

Chapter 1.4, Problem 44P

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Chapter 1 Solutions

APPLIED CALCULUS (WILEY PLUS)

Ch. 1.1 - Prob. 1P Ch. 1.1 - Prob. 2P Ch. 1.1 - Prob. 3P Ch. 1.1 - Prob. 4P Ch. 1.1 - Prob. 5P Ch. 1.1 - Prob. 6P Ch. 1.1 - Prob. 7P Ch. 1.1 - Prob. 8P Ch. 1.1 - Prob. 9P Ch. 1.1 - Prob. 10P

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(a) To find: The equilibrium price and quantity. Representing the answer on a graph

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(a) To find: The equilibrium price and quantity. Representing the answer on a graph

(b) To find: The new equilibrium price and quantity after specific tax imposed on suppliers. Representing the answer on a graph

(c) To find: Amount of the $6 is paid by consumers and by producers

(d) To find: The total tax revenue received by the government

Want to see the full answer?

Chapter 1 Solutions

(a)

To find:

The equilibrium price and quantity. Representing the answer on a graph

(b)

To find:

The new equilibrium price and quantity after specific tax imposed on suppliers. Representing the answer on a graph

(c)

To find:

Amount of the $6 is paid by consumers and by producers

(d)

To find:

The total tax revenue received by the government