Assume the equations for supply and demand for Old Town Canoes (a type of boat) are: Demand: P-64-2Q Supply: P-2/3Q where P is price and Q is quantity. 7) (5) Find the numerical market equilibrium. Indicate the market equilibrium price and quantity on a graph. 8) (5) Find the numerical value for the Consumer Surplus and Producer Surplus and indicate the appropriate areas on the graph from question 7. The government decides that Old Town Canoes has a lucrative market and wants to raise some revenue. The government imposes a tax of $8. 9) (5) Find the equilibrium quantity after the tax is imposed. Indicate the post-tax market equilibrium on a graph. 10) (5) Find any deadweight loss to welfare from the tax. Indicate any such deadweight loss on the diagram you sketched for question 9. 11) (5) What sign positive or negative - would you expect to find if one measured the cross-price elasticity between Old Town Canoes and Wenonah Canoes? Research indicates that outdoor activities are healthy and decrease the spread of COVID. To encourage the outdoor activity the government proposes to impose a maximum price of $22 on Old Town Canoes. 12) a. (2) What is the name economists give to the proposed government policy? b. (3) What is the impact of this policy on the Old Town Canoe market? Attach Cile
Assume the equations for supply and demand for Old Town Canoes (a type of boat) are: Demand: P-64-2Q Supply: P-2/3Q where P is price and Q is quantity. 7) (5) Find the numerical market equilibrium. Indicate the market equilibrium price and quantity on a graph. 8) (5) Find the numerical value for the Consumer Surplus and Producer Surplus and indicate the appropriate areas on the graph from question 7. The government decides that Old Town Canoes has a lucrative market and wants to raise some revenue. The government imposes a tax of $8. 9) (5) Find the equilibrium quantity after the tax is imposed. Indicate the post-tax market equilibrium on a graph. 10) (5) Find any deadweight loss to welfare from the tax. Indicate any such deadweight loss on the diagram you sketched for question 9. 11) (5) What sign positive or negative - would you expect to find if one measured the cross-price elasticity between Old Town Canoes and Wenonah Canoes? Research indicates that outdoor activities are healthy and decrease the spread of COVID. To encourage the outdoor activity the government proposes to impose a maximum price of $22 on Old Town Canoes. 12) a. (2) What is the name economists give to the proposed government policy? b. (3) What is the impact of this policy on the Old Town Canoe market? Attach Cile
Chapter17: Capital And Time
Section: Chapter Questions
Problem 17.10P: Wonopoly and natural resource prices Suppose that a firm is the sole owner of a stock of a natural...
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Transcribed Image Text:Take Test: EXAM 81-202101 Prir X
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blackboard.gwu.edu/webapps/assessment/take/launch.jsp?course assessment_id3-_270657_1.. O 8
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Take Test: EXAM 81
* Question Completion Status:
Assume the equations for supply and demand for Old Town Canoes (a type of boat) are:
Demand.
P-64-2Q
Supply:
P-2/3Q
where P is price and Q is quantity.
7) (5) Find the numerical market equilibrium. Indicate the market equilibrium price and quantity on a graph.
8) (5) Find the numerical value for the Consumer Surplus and Producer Surplus and indicate the appropriate areas on the graph from
question 7.
The government decides that Old Town Canoes has a lucrative market and wants to raise some revenue. The government imposes a
tax of $8.
9) (5) Find the equilibrium quantity after the tax is imposed. Indicate the post-tax market equilibrium on a graph.
10) (5) Find any deadweight loss to welfare from the tax. Indicate any such deadweight loss on the diagram you sketched for
question 9.
11) (5) What sign- positive or negative - would you expect to find if one measured the cross-price elasticity between Old Town
Canoes and Wenonah Canoes?
ai
la
Research indicates that outdoor activities are healthy and decrease the spread of COVID. To encourage the outdoor activity the
government proposes to impose a maximum price of $22 on Old Town Canoes.
12)
a. (2) What is the name economists give to the proposed government policy?
b. (3) What is the impact of this policy on the Old Town Canoe market?
Attach File
Activate Wii
un
Browse Local Files
Browse Content Collection
Go to Sett95 6
hr
Click Save and Submit to saue and suhmit. Click Sme All AnsueEs fo save allanswers
6.
hp
Transcribed Image Text:Take Test: EXAM 81-202101 Prir X
->
blackboard.gwu.edu/webapps/assessment/take/launch.jsp?course assessment_id3-_270657_1.. O 8
Courses
Take Test: EXAM 81
* Question Completion Status:
Assume the equations for supply and demand for Old Town Canoes (a type of boat) are:
Demand.
P-64-2Q
Supply:
P-2/3Q
where P is price and Q is quantity.
7) (5) Find the numerical market equilibrium. Indicate the market equilibrium price and quantity on a graph.
8) (5) Find the numerical value for the Consumer Surplus and Producer Surplus and indicate the appropriate areas on the graph from
question 7.
The government decides that Old Town Canoes has a lucrative market and wants to raise some revenue. The government imposes a
tax of $8.
9) (5) Find the equilibrium quantity after the tax is imposed. Indicate the post-tax market equilibrium on a graph.
10) (5) Find any deadweight loss to welfare from the tax. Indicate any such deadweight loss on the diagram you sketched for
question 9.
11) (5) What sign- positive or negative - would you expect to find if one measured the cross-price elasticity between Old Town
Canoes and Wenonah Canoes?
ai
la
Research indicates that outdoor activities are healthy and decrease the spread of COVID. To encourage the outdoor activity the
government proposes to impose a maximum price of $22 on Old Town Canoes.
12)
a. (2) What is the name economists give to the proposed government policy?
b. (3) What is the impact of this policy on the Old Town Canoe market?
Attach File
Activate Wii
un
Browse Local Files
Browse Content Collection
Go to Sett95 6
hr
Click Save and Submit to saue and suhmit. Click Sme All AnsueEs fo save allanswers
6.
hp
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