Business, 03.03.2020 01:28 bullockarwen
Suppose the U. S. demand and supply for gasoline is given by the following equations, where the quantity of gasoline is given in billions of units:
Qd = 150 − 25Pd
Qs = 60 + 20Ps
1. Graph the supply and demand curves for soda and solve for equilibrium. Be sure to show all work and label all parts of your graph for full credit.
2. Suppose the government wants to implement a tax of $0.30/bottle on soda in this market, and will impose the tax on producers of soda. Mathematically, calculate the price paid by consumers, price received by producers, and quantity of gasoline traded after the tax. Hint: Solve by substituting in the new tax constraint that P_D=P_S+0.30 in your equilibrium calculations.
Answers: 2
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Suppose the U. S. demand and supply for gasoline is given by the following equations, where the quan...
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