ECON 1B03 Study Guide - Midterm Guide: Pencil, Price Ceiling, Economic Equilibrium
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ECON 1B03 Full Course Notes
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Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. Market supply is given as qs = 2p. Which legally imposed price would constitute a binding price ceiling: , , , , assume that the demand and supply curves for cars are elastic. What is the price sellers receive after the tax is imposed: . 00, . 00, . 00, . 00, refer to figure 6-9. What is the share of the tax burden per unit that buyers would pay: . 00, . 00, . 00, . 00. What would producer surplus be after the tax is levied: , , , , refer to figure 8-6. What is the amount of deadweight loss in this market resulting from the levying of the tax: , , , , refer to figure 8-6. What would the benefits to the government (total tax revenue) be: , , , . The government imposes a tax of per unit on consumers.
