Conclude the new equilibrium cost also quantity

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Reference no: EM1321756

Q. 1 illustrate what do economic model assume?

2 in illustrate what way are models helpful to economists?

3 illustrate what does an economist develop in order to test his or her theory or model?

Q. Utilizing a construction possibility frontier to show the 3 key economic concepts PF scarcity, choice also opportunity cost?

Q. Assume demand also supply are given by

Qxd =7- 1/2Px also
Qxs =1/4Px-1/2

• Conclude the equilibrium cost also quantity

• Assume a $6 excise tax is imposed on the good. Conclude the new equilibrium cost also quantity

• How much tax revenue does the government earn with $6 tax.

Reference no: EM1321756

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