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Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 5P, where Qs is the number of pounds provided.
What is the equilibrium price? (Hint: At the equilibrium, quantity demanded and quantity supplied are equal, Qd = Qs.)
What is the equilibrium quantity supplied and demanded?
Calculate the consumer surplus at the equilibrium price.
Calculate the producer surplus at the equilibrium price.
Calculate the total surplus at the equilibrium price.
Now suppose that the government imposes a tax of $8 per each pound sold, paid by the producers. In this case, what are the price and the consumer surplus?
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Income elasticity can be either positive or negative depending on an item we are considering?
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Basil Robekins has an idea for a new type of ice cream cone made from candy bars (like Butterfinger, etc.). He thinks his normal customers will buy more often because they can pick and choose from over 31 different candy bars and won't get bored with..
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