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Suppose the demand for a product is given by P = 100 - 2Q. Also, the supply is given by P = 20 + 6Q.
A) What is the equilibrium price and quantity of the product?
B) What is the price elasticity of demand at the equilibrium price?
assume that there is a $8 per unit excise tax levied on the consumers of the product.
C) What price will buyers pay after the tax is imposed?
D) What is the deadweight loss created by the tax?
E) What is the quantity of the good that will be sold after the tax is imposed?
Find the Subgame Perfect Nash Equilibrium where rm 1 chooses its quantity in the rst stage, then in the second stage rm 2 makes its quantity choice. Find the equilibrium quantities, price, and prots. Which rm produces more in equilibrium Find the ..
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The mayor considers engaging in direct quantity regulation (also called "command- and-control") and declares that each firm must engage in 42.5 units of pollution abate- ment. If the plants are controlled by the same firm, would it be socially optima..
Five years ago, when the relevant cost index was 120, a nuclear centrifuge cost $40,000. The centrifuge had a capacity of separating 1500 gallons of ionized solution per hour. Today, it is desired to build a centrifuge with a capacity 4500 gallons..
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Suppose that the price elasticity for hip replacement surgeries is 0.2. Further suppose that hip replacement surgeries are originally not covered by health insurance and that at a price of $50,000 each, 10,000 such surgeries are demanded each year..
claimed that if z+x/y, then g(z) = g(x)-g(y), where g(.) represent the growth rate of the variable in question. Prove this result in a formal way using two methods. First, repeat the method that we used in class to prove that if z = xy, then g(z)=g..
If firm A decides to adopt the innovation and firm B decides not to adopt it, A earns $20 (minus the cost of the innovation) while B earns $0. If firm A adopts the innovation and firm B adopts it as well, each firm earns $15 minus the cost of the ..
Is demand elastic in the $10 - $15 price range Ed = 0.8 in the $6 - $10 price range. In this range of demand, by what percentage would quantity demanded change if price changes by 10 percent Price falls from $6 to $3. Does total revenue (TR) incr..
England, France, and Germany. If you enter the English market, you have a 0.5 chance of big success (selling 100,000 units at a per-unit profit of $8), a 0.3 chance of moderate success (selling 60,000 units at a per-unit profit of $6), and a 0.2 c..
A company is considering replacing its asphalt parking lots with concrete, at first cost of $1,200,000, and an annual maintenance cost of $15,000. Another option is also available, which is resurfacing the parking lots with asphalt with a first co..
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