Question
The table gives the demand and supply schedules for an illegal drug. What is the price and how many units are bought if there is
The table gives the demand and supply schedules for an illegal drug.
What is the price and how many units are bought if there is no penalty on drugs?
If the penalty on sellers is $20 a unit, what are the price and quantity consumed?
If there are no penalties on buying or selling the drug, the price is (enter your response here) a unit and (enter your response here) units a day are consumed.
If the penalty on sellers is $20 a unit, the price is (enter your response here) a unit and (enter your response here) units a day are consumed.
If the penalty on buyers is $20 a unit, the price is (enter your response here) a unit and (enter your response here) units a day are consumed.
Price (dollars per unit) | Quantity demanded | Quantity supplied |
(units per day) | ||
50 | 500 | 300 |
60 | 400 | 400 |
70 | 300 | 500 |
80 | 200 | 600 |
90 | 100 | 700 |
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