Could you please assist in a thorough, step-by-step explanation on how to solve these example problems? Please include explanation in words where possible including references to any equations or steps used (like factoring, taking integrals, derivatives, etc.) If there are resources on CourseHero you would recommend that explain a each concept or problem well, please provide a link.

A farmer has a demand function for corn given by D= 200 - 4p and a the supply function given by S = 100 + 2p where p is price.

1.What is the price and quantity demanded at equilibrium?

2.What are the price elasticities of demand and supply respectively at equilibrium?

3.Suppose, the government imposes a price floor on corn at $30, what is the new equilibrium price and what is the new quantity demanded? Is there an excess in supply? If so, how much excess supply is there?

4.Suppose that there was a positive shock to demand, and consumers now want more corn. What is the minimum price increase required to make the price floor nonbinding? How much more corn was sold than when the price was at $30? Is there still in excess in supply? If so, how much?

A farmer is hiring laborers and has a demand function for labor given by D=50 -2p and a supply function for labor of S=30-p where p is equal to the wage paid.

5.What is the price and quantity demanded at equilibrium?

6.What are the price elasticities of demand and supply respectively at equilibrium?

7.Suppose that an analysis revealed a positive relationship between taxes per worker and wages per worker and the government wants to tax workers by $x. In terms of wages per worker as a function of a +bx

a.Expressing the equilibrium take-home payment as a formula in terms of a+bx where x is the tax, what would be the equilibrium tax and what would be the equilibrium post-tax wage per worker?

b.What is the tax incidence on workers?

c.If the government was aiming for a $35 minimum wage compared to the above tax, how many more (or less) workers would be employed with the tax strategy above vs a minimum wage?