Question 3 10 pts Topic: Taxes Consider the following supply and demand functions in a market: Q=3p Q=24-p Suppose the government imposes a tax rate t*=8 on demand. Compute the DWL (after tax t* is imposed). (Enter your answer to one integer. For "72", you would write 72). Do not round. Question 10 10 pts Topic: Perfect Competition Suppose that each rm in a competitive market has the following cost structure: TC=16+q2, MC=2q The market demand and supply functions are: Q=24p, Q=3p Compute the number of firms in this market in the shortrun. (Enter your answer to one integer. For "87", you would write 87. 4 Previous Question 6 10 pts Topic: Price Ceiling Suppose demand for a product is given by the equation Q:24-p and supply for the product is given by the equation Q=3p Suppose the government sets a price ceiling at $4 for this product. Compute the consumer surplus that results from this policy. (Enter your answer to an integer. For "87", you would write 87). Question 7 10 pts Topic: Taxes Consider the following supply and demand functions in a market: Q=3p 0=24-P Suppose the government imposes a tax rate t*=8 on demand. Compute the total economic tax burden (incidence) on producers (after tax t* is imposed). (Enter your answer to one integer. For "8", you would write 8). 4 Previous Next