El httpswmoodleruedu/mod/quiz/at'temptphp?attempt=4299678&cmid:171B474&p39e:5 ~ . ,. v {g @. - ' p Consider the following equations that describe the market for meals at K Street Grill 2.0 in Baton Rouge. The followin characterize the weekly demand and supply for meals for the restaurant: g equations Qd=500- 10 P Q5: 100+30P a. Assuming that the market for parking is perfectly competitive, find the equilibrium price of a meal. S be How many meals will be sold and demanded at equilibrium? ct Due to the weather conditions one week, fewer people decide to go and eat out. As a result, the demand reduced by 80 meals. i. This reflect aln) : in : ii. if we were to graph this change, which ofthe following would we note? iii. What is the new equilibrium price? iv What is the new equilibrium quantity? d. Returnir'; ': 3.1:;gimidwmnd (Hid '.ll|),)i/ mu: In Time left 4:26:20 .i 74'F Sunny i'r' 'i gyFz we? as .g-F-Tm-sumr "Minimum luv Wm WM.\" . . v W." id. Returningto our original demand and supply equations: (2.52 500- 10 Pd QS = 100 + 301:5 To meet their growing infrastructure maintenance costs, let's say the city government decides to impose a flat tax of $4 on each restaurant trip. [Hint Pd - P5: tax] i. What would the new price for the customers be? [Hintz this is the Pd] . And what would the restaurant owners receive? [Hintz this is the P5] ii. How many meals would be sold now? iii. Based on your calculations, who bears the greater share oithis flat tax? 1' 1, iv. Would the tax lead to aln) = in consumer surplus? And, am) a in producer surplus? l v. Finally, how much tax would the city government. collect from K Street Grill 20.7 ~ Time left4:25:51 GUS Page 74" E: 95mm l. 4. I i a a Q 0 HI so 1':- Sunny