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1.) You are given the following supply and demand curve functions for a market for sunglasses.
QD = -2(P) + 340
QS = 5P - 150
Graph the following:
Using the functions above, the following table is found. Please complete this table.
Price
Quantity Sold
Quantity Produced
Total Revenue
Fixed Cost
Variable Cost
Total Cost
Marginal Cost
Average Total Cost
Average Fixed Cost
Average Variable Cost
Profit
Marginal Revenue
$0
340
0
$150
-
$40
260
50
$290
$2.80
$10,110
-$130
$50
240
100
$12,000
$310
$0.40
$3.10
$1.50
$1.60
$60
220
150
$210
$360
$1.00
$12,840
$70
$14,000
$480
$2.40
$0.75
-$40
$100
140
350
$710
$2.53
$2.03
$120
450
$970
$1,120
$2.49
$0.33
$10,880
Please graph the following using the previous table:
2.) If a price ceiling of $100 is imposed, what will happen within this market? Please graph the results and explain.
3.) Suppose a consumer report comes out stating that sunglasses will decrease the risk of cataracts by 20 percent if worn during peak sun hours regularly. What may happen in the market for sunglasses? Please draw and explain the change in the graph. Using the previous table, select a new price and quantity supplied. You know Qs = Qd at equilibrium, so if you are looking for:
Qd = - 2P + x
What is the change in total revenue under the new demand?
4.) What happens if a $7 tax is imposed on sunglasses, find the equation for QSTax. Solve for the following items:
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