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- In an effort to reduce alcohol consumption, the government is considering a tax$1 for every gallon of liquor sold (tax imposed on manufacturers). Supposethe demand curve is Q D = 500,000 - 20,000 P (where Q D is the number of gallons of drinkliquor demanded and P is the price per gallon), and the liquor supply curve isQ S = 30,000 P (where Q S is the number of gallons supplied).a. Calculate how the tax affects the price paid by consumers and the price paidaccepted by the manufacturer.b. What is the tax revenue for the government? How much incomecome from consumers, and how much from producers?c. Suppose the demand for liquor is more elastic for younger drinkers thanolder drinker. Will the liquor tax be more, less, or the sameeffective in reducing alcohol consumption among young drinkers?Explain.The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator. 300 250 Rosa 200 Area: 200 Nick 150 Latasha A O 100 Jake Frances 50 Dmitri 2 3 6 QUANTITY (Used calculators) PRICE (Dollars per used calculator) B.Currently, the market price for a gallon of ice cream is $5. Now, suppose the federal government requires buyers of ice cream to pay a $2 tax on eachgallon of ice cream sold.
- If only 3 doses of the vaccine were available and sold in a free market the vaccine would cost ["", "", "", "", "", ""] . If the free market were used to allocate the 3 doses of the vaccine: Bernie Sanders ["", ""] get vaccinated. Alexandria Cortez ["", ""] get vaccinated. Elizabeth Warren ["", ""] get vaccinated. Greta Thornburg ["", ""] get vaccinated. Jose Illegal ["", ""] get vaccinated. Archie Bunker ["", ""] get vaccinated. Those who got the vaccine through the free market paid a price less than the value of the vaccine to them. Distributing the vaccine using a free market is an example of ["", "", "", ""] . Using the free market, the existing supply of the vaccine was distributed in…Graph below shows the market for avocados. Price per kilo ($) 7 6 5 4 3 2 1 0 D 5 10 15 20 25 30 35 40 45 50 Quantity (kilos) per day If the government were to give avocado farmers a $2 subsidy per kilo, what would be the new equilibrium price, quantity, and total amount of the subsidy paid to the growers? Equilibrium price: $ Equilibrium quantity: Total subsidy: $Why would a free market mar operate at a quantity greater than the equilibrium quantity? Hint: What would be required for at transaction to occur at that quantity?
- Consider the market for plywood in a costal Florida town, which was hit by a hurricane. The residents need to rebuild their houses and are buying plywood in large quantities. To keep the price of plywood from going up too high, the Governor of Florida has decided to impose price controls in the wake of the hurricane. What is the most likely outcome?a. People will be able to obtain the plywood that they need. b. Plywood suppliers from out of state will increase deliveries to Florida to take advantage of the strong demand. c. There will be persistent excess demand for plywood. d. Quantity supplied will increase to meet new demand.In a country a government chooses to increase the tax on gas for $0.20 per gallon. Though the price of gas after tax goes up only by $0.15. Does the gast station collection enough tax or not?The figure below shows the market for the new Guns and Butter album, "Live at Saskatoon." Market for Guns and Butter album, "Live at Saskatoon 14 12 10 IX 2 0 20 30 40 50 60 70 80 90 100 110 120 Quantity a. Suppose that the album producers put it on sale for $8 each. How much will be the surplus or shortage? How many will be sold? There would be a (Click to select) of A quantity of albums will be sold. b. The minimum price that suppliers would accept in order to produce the quantity actually sold in part (a) is $ c. If the album producers had actually put the album on the market at the price mentioned in part (b), the resulting (Click to select) would be Price ($) S
- 2 1 6 12 18 24 30 36 42 48 54 60 Quantity (kilos) per day Saved If the government were to give avocado farmers a $2 subsidy per kilo, what would be the new equilibrium price, quantity, and total amount of the subsidy paid to the growers? Equilibrium price: $ Equilibrium quantity: Total subsidy: $[ Help Save & Erit Check myThe demand and supply of widgets is given below. Q is quantity, and P is price of widgets Q = 5000 – 6P Q = 1000 + 2P How much is equilibrium quantity and equilibrium price (show me your work) If there is a price control of $700 imposed by the government for widgets. What type of price control is this called? Does this type of price control cause a shortage or surplus, and how much is it. Draw the Demand and Supply, and show the point for part a and b.The imposition of a price ceiling (or a price floor) will prevent a market from adjusting to its equilibrium price and quantity, and therefore creating an inefficient outcome. When the economy produces at an inefficient quantity we normally identify condition as a "deadweight loss". Referring to the graph below, identify the total deadweight loss (area). $600 $400 T V X OU+W T+V 53 OX O V+W+X W 15,000 20,000 Q Price ceiling D