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Economics 10 Problems Set

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Question;Suppose the demand for a product is given by P = 100 ? 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, then after the tax buyers will pay _________ for each unit of the good.A) $82B) $80C) $74D) $9E) None of these2.Suppose the demand for a product is given by P = 100 ? 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, then after the tax the sellers will receive _________ for each unit of the good.A) $82B) $80C) $74D) $9E) None of these3.Suppose the demand for a product is given by P = 30 ? 3Q. Also, the supply is given by P = 10 + Q. If a $4 per-unit excise tax is levied on the buyers of a good, what proportion of the tax will be paid by the buyers?A) 0%B) 20%C) 25%D) 40%E) None of these4.Suppose the demand for a product is given by P = 100 ? 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, the deadweight loss created by this tax will beA) $81B) $72C) $243D) $4E) None of these5.Suppose the demand for a product is given by P = 100 ? 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, consumer surplus is equal toA) $81B) $72C) $243D) $4E) None of these6.Suppose the demand for a product is given by P = 40 ? 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is levied on the buyers of a good, producer surplus is equal toA) $8B) $10C) $32D) $64E) None of these7.Suppose the demand for a product is given by P = 30 ? 3Q. Also, the supply is given by P = 10 + Q. If a $4 per-unit excise tax is levied on the buyers of a good, government revenue is equal toA) $4B) $8C) $16D) $24E) None of these8.Suppose the demand for a product is given by P = 100 ? 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, after the tax, the total amount of tax paid by the consumers isA) $81B) $72C) $54D) $4E) None of these9.Suppose the demand for a product is given by P = 100 ? 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, after the tax, the total amount of tax paid by the producers isA) $81B) $72C) $54D) $4E) None of these10.Suppose the demand for a product is given by P = 30 ? 2Q. Also, the supply is given by P = 5 + 3Q. If a $5 per-unit excise tax is levied on the buyers of a good, after the tax, the total quantity of the good sold isA) 3B) 4C) 5D) 17E) None of these

 

Paper#55655 | Written in 18-Jul-2015

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