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Suppose you are given the following information:
Qs =100+3P Qd =400–2P
where Qs is the quantity supplied, Qd is the quantity demanded and P is price.
a. From this information compute
b. Now suppose that a tax is placed on buyers so that Qd =400–(2P+T)where T is taxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You are solving for the equilibrium price for sellers and buyers).
c. The income elasticity of Abigail’s demand for CDs is 0,75. For Abigail Cds are a normal good or an inferior good? Explain your answer.
d. Years ago, Ricky paid $500 for CDs to put together a collection. Today, he sold his CDs for $200. How does this sale affect current
PLEASE NOTE THAT QUESTIONS a-c WERE PREVIOUSLY SUBMITTED and question d was mistakenly omitted from that submission so I only need help with question d.
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- Suppose you are given the following information: Qs = 100 + 3P Qd = 400 – 2P where Qsis the quantity supplied, Qdis the quantity demanded and P is price. 1. Now suppose that a tax is placed on buyers so that Qd = 400 – (2P + T) where T istaxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You aresolving for the equilibrium price for sellers and buyers)Suppose you are given the following information: Qs = 200 + 3P Qd= 400 – Pwhere Qs is the quantity supplied, Qd is the quantity demanded and P is the price.I. From this information compute the equilibrium price and quantity. ii. Now suppose that a tax is placed on buyers so that Qd = 400 – (2P + T) where T is taxes. If T = 20, solve for the new equilibrium price and quantity. (Note: You are solving for the equilibrium price for sellers and buyers).Suppose you are given the following information:Qs =100+3P Qd =400–2Pwhere Qs is the quantity supplied, Qd is the quantity demanded and P is price.a. From this information compute equilibrium price and quantity. b.Now suppose that a tax is placed on buyers so that Qd=400–(2P+T)where T is taxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You are solving for the equilibrium price for sellers and buyers). c. The income elasticity of Abigail’s demand for CDs is 0.75. For Abigail Cds are a normal good or an inferior good? Explain your answer.
- given that Qs = 100+3P and Qd = 400 - 2P Now suppose that a tax is placed on buyers so that Qd = 400 – (2P + T) where T istaxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You aresolving for the equilibrium price for sellers and buyers).Suppose that the market for milk can be represented by the following equation: Demand: P=12-0.5Qd Supply: P=0.1Qs Where P is the price per gallon and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. Calculate the equilibrium price and quantity of milk. To help dairy farmers the government sets a minimum price of $2.50 per gallon of milk. What is the new quantity of milk sold in the market? Illustrate your answers to a and b on a graph, using this graph, calculate how the consumer surplus and producer surplus change after the price support are enacted. Also calculate any dead weight loss that resultsSuppose you are given the following information: Qs = 100 + 3P Qd = 400 – 2P where Qs is the quantity supplied, Qd is the quantity demanded and P is price. a. From this information compute equilibrium price and quantity. b. Now suppose that a tax is placed on buyers so that Q d = 400 – (2P + T) where T is taxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You are solving for the equilibrium price for sellers and buyers). c. The income elasticity of Abigail’s demand for CDs is 0,75. For Abigail Cds are a normal good or an inferior good? Explain your answer. d. Years ago, Ricky paid $500 for CDs to put together a collection. Today, he sold hisCDs for $200. How does this sale affect current GDP?
- Suppose you are given the following information: Qs = 100 + 3P Qd = 400 – 2P where Qs is the quantity supplied, Qd is the quantity demanded and P is price. a. From this information compute equilibrium price and quantity. b. Now suppose that a tax is placed on buyers so that Qd = 400 – (2P + T) where T is taxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You are solving for the equilibrium price for sellers and buyers). c. The income elasticity of Abigail’s demand for CDs is 0,75. For Abigail Cds are a normal good or an inferior good? Explain your answer. d. Years ago, Ricky paid $500 for CDs to put together a collection. Today, he sold his CDs for $200. How does this sale affect current GDP?Suppose that the market for milk can be represented by the following equations: Demand: P = 12 – 0.5QD Supply: P = 0.1QS where P is the price per gallon, and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. a) Calculate the equilibrium price and quantity of milk. b) To help dairy farmers, the government sets a minimum price of K2.50 per gallon of milk. What is the new quantity of milk sold in the marketplace?a. Given that the demand (D) and supply (S) curve for television as D = 100 - 5P, S = 28 + 3P where P is the price of television. Compute the quantity of computers bought and sold at equilibrium b. Based on the information in Q(a), calculate the new equilibrium price and quantity if suppliers must pay a tax of RM6 per unit. c. Consider the market for house in 2010 and 2011, the equilibrium price of house remained constant, but the equilibrium quantity of house increased. Conclude if there is any changes of the supply and demand of house between 2010 and 2011. Sketch the graph for this situation
- If the government establishes a support price for sugar $12 per cwt. (Hundered pounds) and is willing to buy up any surplus sugar at that price, indicate on your graph the quantity supplied, quantity demanded, and quantity purchased by the government. If the units are million cwt, how much money is required for the government purchases? Show this amount on your graph. Demand for sugar is: Q = 20 - PSupply for sugar is: Q = 2 + P I have calculated that the equilibrium is P = 9 and Q = 11 quantities are in million hundred weight (cwt) and price is dollars per cwt.The Organization for the Promotion of Brussels Sprouts has convinced the government of Ironia to institute a price floor on the sale of Brussels sprouts at $8 per bushel. Demand is given by:P = 9 – Qand supply by:P = 2Q,where Q is measured in thousands of bushels.Instructions: Round your answers to the nearest whole number.a. At market equilibrium, the price is $ per bushel and the equilibrium quantity is thousand bushels.b. With the price floor, the price is $ per bushel and the quantity sold is thousand bushels.c. The excess quantity supplied of Brussels sprouts produced with the price floor is thousand bushels.Suppose demand for good X is given by QD = 900- 1/2P where p is the price and QD the quantity demanded. Supply is given by QS = 1/4P. a) Suppose 60 TL tax is imposed on each unit of X that is purchased. What are the equilibrium price and quantity of X after the tax is imposed?