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I already asked this question however I was given the wrong answers. Please help me I could really use the help I'm not which ones
I already asked this question however I was given the wrong answers. Please help me I could really use the help I'm not which ones are correct and which ones are incorrect. I think A & B are correct but I am not entirely sure.
Partial Question 2 The demand for ice cream is given by QP = 20 - 2P, measured in gallons of ice cream. The supply of ice cream is given by QS = 4P - 10. Use negative signs where appropriate. Round to the nearest one-hundredth decimal place (0.01). a. Find the equilibrium price and quantity. Equilibrium Price: P = 5 Equilibrium Quantity: Q = 10 b. Suppose that the government legislates a $1 tax on a gallon of ice cream, to be collected from the buyer. Find the new equilibrium price and quantity. New Equilibrium Price: P'= 5.67 New Equilibrium Quantity: Q= 8.66 c. How much of the tax do the buyers bear? 0.67 d. How of the tax do the sellers bear? 0.33 e. Calculate the consumer surplus after the tax. CS= 18.75 f. Calculate the producer surplus after the tax. PS= 13.73 g. Calculate the government revenue from the tax. GR= 8.66 h. Calculate the deadweight loss created by the tax. 4/10 pts DWL= 2.5 Answer 1: Partial Question 2 The demand for ice cream is given by QP = 20 - 2P, measured in gallons of ice cream. The supply of ice cream is given by QS = 4P - 10. Use negative signs where appropriate. Round to the nearest one-hundredth decimal place (0.01). a. Find the equilibrium price and quantity. Equilibrium Price: P = 5 Equilibrium Quantity: Q = 10 b. Suppose that the government legislates a $1 tax on a gallon of ice cream, to be collected from the buyer. Find the new equilibrium price and quantity. New Equilibrium Price: P'= 5.67 New Equilibrium Quantity: Q= 8.66 c. How much of the tax do the buyers bear? 0.67 d. How of the tax do the sellers bear? 0.33 e. Calculate the consumer surplus after the tax. CS= 18.75 f. Calculate the producer surplus after the tax. PS= 13.73 g. Calculate the government revenue from the tax. GR= 8.66 h. Calculate the deadweight loss created by the tax. 4/10 pts DWL= 2.5 Answer 1Step by Step Solution
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