Exam 16:Equilibrium-Part A

The inverse demand function for cases of whiskey defined by p =186 -6q,and the inverse supply function is defined by p = 90+2q.Originally there was no tax on whiskey.Then the government began to tax suppliers of whiskey $32 for every case they sold.How much did the price paid by consumers rise when the new equilibrium was reached?

(Multiple Choice)

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Question 41

The market for tennis shoes has a horizontal supply curve and a linear,downward-sloping demand curve.Currently the government imposes a tax of t on every pair of tennis shoes sold and does not tax other goods.The government is considering a plan to double the tax on tennis shoes,while leaving other goods untaxed.If the tax is doubled,then

(Multiple Choice)

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Question 42

Long ago,a kindly prince noticed the misery of his subjects.His subjects all had the same preferences and the same low incomes.The demand function of each subject for bread was q = 26 - p,where p is the price of bread and q is the number of loaves per week.The supply of bread per capita per week was given by the function q= .3p.The king declared since his subjects did not even get a loaf of bread per day,he would help them by making it illegal to sell bread for more than 10 groschens per loaf.Unhappily,a bread shortage arose and people waited in long lines to get bread. a.Draw a graph to show why.Put numerical labels on the important points on your graph. b.If the citizens could earn 4 groschens per hour at work that was exactly as unpleasant as waiting in line,what would be the equilibrium waiting time for a loaf of bread?

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Question 43

The inverse demand function for lemons is defined by the equation p =120 -11q,where q is the number of crates that are sold.The inverse supply function is defined by p= 8 + 3q.In the past there was no tax on lemons but now a tax of $84 per crate has been imposed.What are the quantities produced before and after the tax was imposed?

(Multiple Choice)

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Question 44

The inverse demand function for eggs is p=125 - 6q,where q is the number of cases of eggs.The inverse supply is p = 5 + 6q.In the past,eggs were not taxed,but now a tax of 72 dollars per case has been introduced.What is the effect of the tax on the quantity of eggs supplied?

(Multiple Choice)

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Question 45

Showing 41 - 45 of 45

Exam 16:Equilibrium-Part A

The inverse demand function for eggs is p=125 - 6q,where q is the number of cases of eggs.The inverse supply is p = 5 + 6q.In the past,eggs were not taxed,but now a tax of 72 dollars per case has been introduced.What is the effect of the tax on the quantity of eggs supplied?

Demand-Part A

Revealed Preference-Part A

Revealed Preference-Part B

Slutsky Equation-Part A

Slutsky Equation-Part B

Buying and Selling-Part A

Buying and Selling-Part B

Intertemporal Choice-Part A

Intertemporal Choice-Part B

Asset Markets-Part A

Asset Markets-Part B

Uncertainty-Part A

Uncertainty-Part B

Risky Assets-Part A

Risky Assets-Part B

Consumers Surplus-Part A

Consumers Surplus-Part B

Market Demand-Part A

Market Demand-Part B

Equilibrium-Part B

Auctions-Part A

Auctions-Part B

Technology-Part A

Technology-Part B

Profit Maximization-Part A

Profit Maximization-Part B

Cost Minimization-Part A

Cost Minimization-Part B

Cost Curves-Part A

Cost Curves-Part B

Firm Supply-Part A

Firm Supply-Part B

Industry Supply-Part A

Industry Supply-Part B

Monopoly-Part A

Monopoly-Part B

Monopoly Behavior-Part A

Monopoly Behavior-Part B

Factor Markets-Part A

Factor Markets-Part B

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics-Part A

Exchange-Part A

Exchange-Part B

Production-Part A

Production-Part B

Welfare-Part A

Welfare-Part B

Externalities-Part A

Externalities-Part B

Information Technology-Part A

Information Technology-Part B

Public Goods-Part A

Public Goods-Part B

Asymmetric Information-Part A

Asymmetric Information-Part B

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