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The demand and supply of corn are as follows:
Qd = 2,100 - 125P
Qs = 600 + 175P,
where quantities are in millions of bushels and prices are in dollars per bushel.
(d) ALTERNATIVELY, assume that the government introduces a production quota of 1.35 billion bushels, i.e., Q = 1,350. Calculate:
(i) the change in the
(ii) the change in the
(iii) the
(e) ALTERNATIVELY, assume that the government gives producers FINANCIAL INCENTIVES to limit output to 1.35 billion bushels, i.e., Q = 1,350. Calculate:
(i) the change in the consumer surplus
(ii) the change in the producer surplus
(iii) the cost to the government
(iv) the deadweight loss
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- A 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.comThe 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.]The market demand function for corn is Q¹ = 30 - 2P. The market supply function is Q = 5P-2.5, both measured in billions of bushels per year. Suppose the government imposes a $8.10 tax per bushel. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by the tax? Instructions: Round your quantities to the nearest whole number. Round prices, surpluses and deadweight losses to 2 decimal places. a. What are the initial equilibrium effects? Complete the table below. Initial equilibrium price Initial equilibrium quantity Initial equilibrium consumer surplus Initial equilibrium producer surplus After-tax equilibrium price After-tax equilibrium quantity After-tax equilibrium consumer surplus After-tax equilibrium producer surplus $ Government revenue After-tax equilibrium aggregate surplus Deadweight loss $ Initial equilibrium aggregate surplus b. What are the effects after the government imposes a $8.10 tax per bushel.…
- The market demand function for corn is Q = 30 - 2P. The market supply function is QS = 5P-2.5, both measured in billions of bushels per year. Suppose the government imposes a $8.10 tax per bushel. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by the tax? Instructions: Round your quantities to the nearest whole number. Round prices, surpluses and deadweight losses to 2 decimal places. a. What are the initial equilibrium effects? Complete the table below. Initial equilibrium price Initial equilibrium quantity Initial equilibrium consumer surplus Initial equilibrium producer surplus After-tax equilibrium price After-tax equilibrium quantity After-tax equilibrium consumer surplus After-tax equilibrium producer surplus $ Government revenue After-tax equilibrium aggregate surplus Deadweight loss Before the tax Initial equilibrium aggregate surplus b. What are the effects after the government imposes a $8.10 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.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.]
- 1) (a) The demand and the supply functions are given by P= -6QD + 80 and P= 2Qs +10. Find extra pay by consumer if the government imposes a variable tax of 10% per good. (round your answer to two decimal places) (b) Given the demand and supply equations of certain good P= - QD + 22 and P= QS2 – 6QS + 16. Find the producer’s surplus at equilibrium.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?The demand and supply of corn are as follows: Qd = 2,100 - 125P Qs = 600 + 175P, where quantities are in millions of bushels and prices are in dollars per bushel. (a) Assume that the government introduces a price floor of $8 per bushel. Assume that suppliers produce the quantity that consumers will buy at the resulting price. Calculate: (i) the change in the consumer surplus. (ii) the change in the producer surplus. (iii) the deadweight loss (b) ALTERNATIVELY, assume that the government introduces a price floor of $8 per bushel, but suppliers produce the quantity that they are WILLING to sell at the resulting price. Calculate: (i) the change in the consumer surplus (ii) the change in the producer surplus (iii) the deadweight loss (c) ALTERNATIVELY, assume that the government supports a price of $8 per bushel by buying the resulting excess supply. Calculate: (i) the change in the consumer surplus (ii) the change in the producer surplus (iii) the cost to the…
- Demand for apartments in a certain town is D(x)=1480−3x,and the supply is S(x)=500+11x, where x is the number of apartments, in hundreds, and D(x) and S(x) are the rent in dollars per month, per apartment. a.)Find the consumer surplus and producer surplus b) Suppose a maximum rent of $1050per month is imposed by the town council. Find the point xC, pC c) Find the new consumer surplus and new producer surplus d) Find the deadweight lossSuppose the demand for cigarettes is Q = 15 - 0.5Pand the supply of cigarettes is Q = P - 3, where P is the price per pack of cigarettes. Suppose the government imposes a cigarette tax of $3 per pack. (a) What is the price paid by producers and price faced by consumers? (b) What is the government revenue from the tax and What is the total dollar amount of tax revenue that is ultimately paid by consumers (i.e. consumers' tax burden)? (c) What is the excess burden of the tax?If the demand of the condominiums demand is inelastic, that is, it is a normal good, and when the price of the condominiums will decrease, then the demand of the people for the product will increase because the consumer surplus will exist when the money spent by the people will be more as compared to the price which is to be charged for the product. As the price will decrease, the people will prefer to buy more because it is already a normal good and demand for more. Pertaining to the supply of Condominiums in response to the demand of Nagenyos, enumerate at least two (2) possible effects of the determinants of demand (a) price, (b) income, (c) prices of related goods like apartments and residential houses, and (d) consumer taste and expectation, and the determinants of supply (a) flexibility of inputs, (b) mobility of inputs, (c) ability to produce substitute and (d) time.
