Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

The demand and supply for chocolates can be given by following equations. P=16-0.8Q(Demand) P=2+0.5Q(Supply) 1.Calculate equilibrium price and quantity for this market. 2.If a tax

The demand and supply for chocolates can be given by following equations.

P=16-0.8Q(Demand)

P=2+0.5Q(Supply)

1.Calculate equilibrium price and quantity for this market.

2.If a tax of $4 is imposed on suppliers of this market how would the equilibrium price and output change? How much revenue would be earned by the Government?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Applied Regression Analysis And Other Multivariable Methods

Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg

5th Edition

1285051084, 978-1285963754, 128596375X, 978-1285051086

Students also viewed these Economics questions

Question

★★★★★

The Maxwell-Boltzmann probability density function f(v) is given by where m (kg) is the mass of each molecule, v (m/s) is the speed, T(K) is the temperature, and k = 1.38 10-23 J/K is Boltzmann's...

Answered: 1 week ago

Question

★★★★★

Without actually solving the differential equation (cos x)y" + y' + 5y = 0, find the minimum radius of convergence of power series solutions about the ordinary point x = 0. About the ordinary point x...

Answered: 1 week ago

Question

★★★★★

Reconsider Exercise 23, but this time suppose that a customer that is in the system when a breakdown occurs remains there while the server is being fixed. In addition, suppose that new arrivals...

Answered: 1 week ago

Question

★★★★★

Scenario Analysis: Estimated Cash Flows for the Toronto People Mover Consider the scenario in which a competing form of transportation, the bicycle, causes sales to drop to 90% of expected sales from...

Answered: 1 week ago

Question

★★★★★

6) During the year, Al's Tools increased its accounts receivable by S76, increased its inventory by $91, and increased its accounts payable by $98. How did these three accounts affect the firm's cash...

Answered: 1 week ago

Question

★★★★★

A 1.4-C point charge is placed between the plates of a parallel plate capacitor. The charge experiences a force of 0.54 N. What is the magnitude o of the charge density on either plate of the...

Answered: 1 week ago

Question

★★★★★

John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111120), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303....

Answered: 1 week ago

Question

★★★★★

How imperative is conducting research on the target and ensuring that the proper customers are communicated to? HaHowtherightw many companies fail to hone in on th eright consumer?

Answered: 1 week ago

Question

★★★★★

5. A transmission shaft is supported between two bearings, with distance 750 mm. Power is supplied to the shaft and transmitted to belt pulley, 450 mm diameter, which is located at a distance of 200...

Answered: 1 week ago

Question

★★★★★

the Community Senior Services (C S S) intervention case (each "Spotlight" included in the chapter) is viewed primarily as a project because a. it seeks policy change. b. it is a shorter term than a...

Answered: 1 week ago

Question

★★★★★

1) The per unit price sold to distributors will be $0.80, regardless of country or quantity sold. (2) The estimated market share for sales depends on how much a segment sees health and wellness as...

Answered: 1 week ago

Question

★★★★★

1. An apartment was sold to Y and must be delivered after 5 months. It was nally turned over on the 8th month from purchase, without demand. During the time it was not yet delivered, there are...

Answered: 1 week ago

Previous Question Next Question