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Deadweight loss attributed to the quota

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Reference no: EM132472891

Demand function: Q = 220 - 20P Supply function: Q = 20 + 20P

Question 1: The equilibrium price of taxi rides is _____ and the equilibrium quantity is ______:

Question 2: Suppose the city government establishes a medallion system that limits the number of taxi rides available per week to 80 taxi rides. The price at which consumers will want to purchase 80 taxi rides per week (demand price) is ______.

Question 3: With the quota in place, the price at which suppliers will be willing to supply 80 rides per week (supply price) is ______.

Question 4:The quota rent per medallion is,

Question 5: The total value of the taxi medallions per week is _____

Question 6: The deadweight loss attributed to the quota is _____

Reference no: EM132472891

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