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I need help on these 5 microeconomic questions: Question 11 (2.5 points) Assuming that the government purchases the excess supply under the price floor, how
I need help on these 5 microeconomic questions:
Question 11 (2.5 points) Assuming that the government purchases the excess supply under the price floor, how much does it cost the government to impose the price support program? Assume further that there is storage cost of $10 per unit. Use the following diagram to answer the next question: P $/peach Supply $10 P floor $8 $4 Demand Q peaches 14 16 20\fQuestion 12 (2.5 points) Assuming that the government implements the price guarantee program i.e. it sets the price floor at $10 and provide subsidy for price difference, How much does it cost the government to impose the price support program? Use the following diagram to answer the next question: P $/peach Supply $10 P floor $8 $4 Demand Q peaches 14 16 20\fConsider the city of Calgary. Let the demand for movie tickets be given by P = 30 2Qd. Let the supply for movie tickets be given by P = Qs. The city government decides to impose an excise tax of $3 on the sellers of movie tickets. Question 13 (2.5 points) How much money does the city of Calgary collect as the tax revenue when they impose the excise tax? 0 $27 O $10 0 $9 0 $6 Question 14 (2.5 points) Suppose a tax is levied in a market in which demand is downward sloping and supply is perfectly elastic. Which of the following statements is/are TRUE? (Assume there is no externalities.) I. Producer surplus decreases. ||. The deadweight loss is zero. \"I. Consumers bear all the burden of the tax. 0 || only. 0 land || only. 0 land \"I only Question 15 (2.5 points) Given the following graph, calculate the government tax revenue. 1 0.9 0.8 0.7 8 0.6 2 0.5 0.4 0.3 0.2 0.1 0 Price O $4 million 0 $28 million 0 There is not enough information to answer this question. 0 $8 million 0 $16 millionStep by Step Solution
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