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The demand curve is given by the equation QD = 1150 - 100p and the supply curve by QS = 100p - 50
1150 - 100p = 100p -50
Find the equilibrium price and quantity.
Equilibrium price is 6 and the quanity is 550.
Find the consumer surplus if price is equal to the equilibrium price.
1/2*275*2.75 = 378.125
Find the producer surplus if price is equal to the equilibrium price.
8.25*275= 2,268.75
Now what if the government imposes $2 tax on sellers.
Calculate the price consumers pay and price producers receive after tax.
Calculate the consumer and producer surplus after tax.
Calculate the deadweight of the tax.
Delmar Custom Homes (DCH) uses two types of crews on its Long Island, NY, home construction projects. Type A crews consist of master carpenters and skilled carpenters, whereas B crews include skilled carpenters and unskilled labor.
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