1 suppose the demand for a product is given by p 100

1 suppose the demand for a product is given by p 100 - 2q

Reference no: EM13377074

1. Suppose the demand for a product is given by P = 100 - 2Q. The supply is given by P = 20 + 6Q. If an $8 per unit excise tax is levied on the buyers of a good, then after the tax the sellers will receive ______ for each unit of the good.

A) 82
B) 80
C) 74
D) 9
E) None of these

2. Suppose the demand for a product is given by P = 60 - 2Q. The supply is given by P = 10 + 3Q. If a $10 per unit excise tax is levied on the buyers of a good, the deadweight loss created by this tax will be

A) 10
B) 20
C) 64
D) 5
E) None

Reference no: EM13377074

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