M Quiz 4: Fitness Assessment - Req X M McGraw Hill Connect X 5 Question 16 - Homework 3 - Con x G https://www.google.com/search? x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%2... Homework 3 i Saved Help Save & Exit Submit Check my work 16 Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. 6.25 points Maximum Person Price Willing Actual Equilibrium Minimum Price Person Acceptable To Pay Price Bob $21 $10 Carlos 52 eBook Barb 16 10 Courtney 4 Print Bill 14 10 Chuck 6 References Bart 12 10 Cindy 8 Brent 10 10 Craig 10 Betty 10 Chac 12 Instructions: Enter your answers as whole numbers. a. Given the equilibrium price of $10, what is the equilibrium quantity given the data above? Q* = bag(s) Mc Graw Hill 88 a W 2:48 PM 8 Mostly cloudy S 9/18/2022M Quiz 4: Fitness Assessment - Req X M McGraw Hill Connect X 5 Question 16 - Homework 3 - Con x G https://www.google.com/search? x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%2... Homework 3 1 Saved Help Save & Exit Submit Check my work 16 b. What if, instead of bags of oranges, the data in the two tables dealt with a public good like fireworks displays? If all the buyers free ride, what will be the quantity supplied by private sellers? Q * =1 bag(s) 6.25 points eBook Print c. Assume that we are back to talking about bags of oranges (a private good), but that the government has decided that tossed orange peels impose a negative externality on the public that must be rectified by imposing a $8-per-bag tax on sellers. What is the new References equilibrium price? P * What is the new equilibrium quantity? Q* =[ bag(s) Mc Graw Hill 88 O a S W 2:49 PM 9/18/2022 8 Mostly cloudyM Quiz 4: Fitness Assessment - Req X M McGraw Hill Connect X 5 Question 16 - Homework 3 - Con x G https://www.google.com/search? x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%2... Homework 3 1 Saved Help Save & Exit Submit Check my work 16 c. Assume that we are back to talking about bags of oranges (a private good), but that the government has decided that tossed orange peels impose a negative externality on the public that must be rectified by imposing a $8-per-bag tax on sellers. What is the new equilibrium price? P* 6.25 points eBook Print What is the new equilibrium quantity? References Q* = bag (s) If the new equilibrium quantity is the optimal quantity, by how many bags were oranges being overproduced before? Q* = bag(s) Mc Graw Hill 88 a S W 2:49 PM 8 Mostly cloudy 9/18/2022