ECON 1011 Study Guide - Quiz Guide: George Washington University, Price Support, Price Ceiling
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ECON 1011 Full Course Notes
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Fall 2012: (13) write the term or answer each question in the box provided on the right. Assume there are no market imperfections present in any of the situations described. . 90 and the producer price falls to . 40. What would the consumer price be if instead the sh. 50 tax were assessed on beer producers: (1) suppose a bottle of vitamins costs per bottle when a per bottle subsidy is paid to producers. Suppose the consumer price falls to . 50 and the producer price rises to . 50. What would the producer price be if instead the subsidy were given to consumers as a rebate: (1) term used to describe the total losses in economic efficiency that remain after a tax is imposed. 2a. (2) calculate the equilibrium price ($/lb) and quantity traded (lbs) if the supply and demand are given by the following equations:
