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The Demand Curve for a package of tofu based vegetarian hamburgers is given by the equation Q D = 18.8 - 2.75 P with quantity

The Demand Curve for a package of tofu based vegetarian hamburgers is given by the equation QD= 18.8 - 2.75 P with quantity measured in billions of packages per year and price measured in dollars per package. The Supply Curve is estimated by the equation QS= -1.9 + 3.4 P.

A. What is the equilibrium price of a package? Please round and write the answer to one cent, for example $2.43 or $0.56.

B. After the $0.30 subsidy for Consumers is granted, what is the Price Consumers pay? Please round and write the answer to one cent, for example $2.43 or $0.56.

Answer:

C. After the $0.30 subsidy for Consumers is granted, what is the Price Producers receive? Please round and write the answer to one cent, for example $2.43 or $0.56.

Answer:

D. After the $0.30 subsidy for Consumers is granted and the market settles into equilibrium, what is the amount consumers spend on the product? Please round and write the answer to two decimals, for example $9.53 or $21.31. Do not write "Billions" after the answer.

Answer:

E. After the $0.30 subsidy for Consumers is granted and the market settles into equilibrium, what are the industry's revenues? Please round and write the answer to two decimals, for example $9.53 or $21.31. Do not write "Billions" after the answer.

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F. After the $0.30 subsidy for Consumers is granted, what is the Consumers' Surplus? Please round and write the answer to two decimals, for example $9.53 or $21.31. Do not write "Billions" after the answer.

Answer:

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