Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190- 2P. The government is trying to decide between two options: • Maintain the number of quotas and let the market adjust, or • Maintain the price support and increase the number of quotas. Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the (i) price observed in the market, HINT: Sketch the supply and demand equations. Answer:
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- 4) The demand and supply functions of shirts are respectively given by; Q = 200-5P and Q =-120+10P %3D a) Find the equilibrium price and quantity b) If a tax of GHC8.00 per unit is imposed calculate the equilibrium price and quantity c) What is the distribution of tax to the consumer and the producer? d) Analyse the introduction of price minimum of GHC20 on the good in the market e) Calculate the values of consumer and producer surplus at the market equilibrium f) If the total cost of the firm is TC = 0.8Q²+30Q-5, find the quantity to be produced at the break-even pointA market for a certain type of golf clubs has the following supply and demand: QD where p denotes the unit price. 25p —D 4,500 - 20р, (a) Find the number of golf clubs produced and the equilibrium price. What is the consumer and producer surplus? (b) Suppose that a unit tax of nine dollars is levied on the producers of golf clubs. Find the number of golf clubs sold. What is the consumer and producer surplus in this case? ce wa се (c) How is the tax burden shared? cro.comSuppose the supply and demand equations for a manufacturer's product are p 3 -g + 6 100 1 and p ng + 14, respectively, where q represents number of units and p represents price per unit in dollars. If a tax of $1.00 per unit is imposed on the manufacturer, determine the equilibrium quantity and the equilibrium price.
- The demand (D) and supply (S) function for a commodity are P =100 – 2Q and P = 10 + Q, respectively. (a) Find the equilibrium price and quantity. That is, find the price and quantity where the D and S functions intersect. (b) A new 10% tax is imposed on this commodity. Find the burden of the tax on demanders and the burden on suppliers. Also find the total taxes.The demand (D) and supply (S) function for a commodity are P=100 - 20 and P = 10 + Q, respectively. (a) Find the equilibrium price and quantity. That is, find the price and quantity where the D and S functions intersect. (b) A new 10% tax is imposed on this commodity. Find the burden of the tax on demanders and the burden on suppliers. Also find the total taxes. [In order to insure that we all do this problem in the same way, let's assume that the tax is imposed on the supply side of the market. In addition, the burden of the tax on demanders is the difference in price demanders pay when the tax is in existence less the price they paid when there was no tax. The burden on suppliers is the difference in price suppliers received when there was no tax and the net price (after remitting tax to the government) they receive when the tax is in existence.]assuming interest rates of 5% per annum? (b) The demand and supply functions of a good are given by 4P =-Qd+ 102 5P Q+ 6 where P, Qd, and Q, denote the price, quantity demanded, and quantity supplied, respectively. (i) Determine the equilibrium price and quantity. (i) Determine the effect on the market equilibrium if the government decides to impose a fixed tax of GH¢9 on each good. Who pays the tax?
- The demand (D) and supply (S) function for a commodity are P =100 – 2Q and P = 10 + Q, respectively. (a) Find the equilibrium price and quantity. That is, find the price and quantity where the D and S functions intersect. (b) A new 10% tax is imposed on this commodity. Find the burden of the tax on demanders and the burden on suppliers. Also find the total taxes. [In order to insure that we all do this problem in the same way, let’s assume that the tax is imposed on the supply side of the market. In addition, the burden of the tax on demanders is the difference in price demanders pay when the tax is in existence less the price they paid when there was no tax. The burden on suppliers is the difference in price suppliers received when there was no tax and the net price (after remitting tax to the government) they receive when the tax is in existence.]A market has a demand function given by the equation Qd = 180 – 2P, and a supply function is given by the equation Qs = −15+ P. The market is government-regulated, with price support per unit and production quotas. (NOTE: A production quota restricts the quantity of the good that can be produced. Firms are not allowed to produce more than the quota) (a) If the price is $72 per unit, what production quota is needed to ensure no shortages or surpluses? (HINT: Sketch the supply and demand equations.) (b) Considering the price support and the quota, calculate (i) the consumer surplus, (ii) the producer surplus, (iii) deadweight loss,Given the supply - demand function of printers in Vietnam as follows:Sx = -20000 + 250PDx = 160000-350PKnowing that Vietnam is considered a small country, the price of a printer on the world market is $120/piece.a. If the Government of Vietnam levies an import tax of 25% on this item, calculate the loss to domestic consumers. How much is the import tax revenue from the Vietnamese government's printer products in this case?b. Due to the commitment to integration, the Government of Vietnam applies an import tax rate of 12.5% for printers, calculate the change in the import tax revenue of the Government of Vietnam.c. To ensure that there are no more imports, what is the minimum tax rate that the Vietnamese government should set?
- The Australian Government believes that maintaining a viable airline industry is essential to the long term sustainability of the country’s tourism - so in order to support them in a post covid travel environment they are proposing to subsidise the purchase of tickets. The demand for tickets is given by Qd = 5000 − 10P and the supply is Qs = 2000 + 10P. (a) Solve for the equilibrium price and quantity in this market, and calculate producer and consumer surplus. (b) Suppose the government offers a $100 per ticket as a subsidy, recalculate the equilibrium price and quantity to reflect the subsidy. What will be the price paid by ticket buyers be and the price received by sellers? (c) How much will the subsidy program cost the government and what will be its net effect on the total surplus?Q1. A market is characterized by the demand function is given by Qa= 1,080 – 3P and the supply function Qs= 6P – 360 respectively. (c) The government now establishes a $60 subsidy for buyers every time they purchase a unit of the good. How much tax-payer money will the government spend to support this policy? What is the size of the deadweight loss generated by the subsidy? (d) Firms can now export at an international price of $240 per unit. How many units are exported? How much are the gains from trade?Question 6 A market has a demand function given by the equation Qd = 180 – 2P, and a supply function given by the equation Qs = -15 + P. The market is government-regulated with a price support per unit and production quotas. (NOTE: A production quota is a restriction on the quantity of the good that can be produced. Firms are not allowed to produce more than the quota) (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? HINT: Sketch the supply and demand equations. Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190 – 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, or Maintain the price support and increase the number of quotas. Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the Calculate ) price observed in the market, (i) price…