Question

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Suppose that the market for bobble head dolls is described by the following supply and demand equations:

Qs = 1/2 P

QD = 200 - 2P

12.1.  

Problem Set #3 - Part II - 12.1 (A)

The equilibrium price and quantity is:

		A.  P = 80, Q = 40
		B.  P = 40, Q = 40
		C.  P = 80, Q = 80
		D.  P = 40, Q = 80

Suppose that the market for bobble head dolls is described by the following supply and demand equations:

Qs = 1/2 P

QD = 200 - 2P

12.2.  

Problem Set #3 - Part II - 12.2 (B)

The consumer surplus in the market for bobble heads is:

		A.  2000
		B.  400
		C.  1200
		D.  1600

Suppose that the market for bobble head dolls is described by the following supply and demand equations:

Qs = 1/2 P

QD = 200 - 2P

12.3.  

Problem Set #3 - Part II - 12.3 (C)

The producer surplus in the market for bobble heads is:

		A.  2400
		B.  2000
		C.  1200
		D.  800
		E.  1600

12.4.  

Problem Set #3 - Part II - 12.4 (D)

Now, suppose that the government implements a tax of $5 on consumers of bobble head dolls.

D. The quantity of bobble heads sold with the tax is:

		A.  40
		B.  38
		C.  34
		D.  32
		E.  36

Suppose that the market for bobble head dolls is described by the following supply and demand equations:

Qs = 1/2 P

QD = 200 - 2P

12.5.  

Problem Set #3 - Part II - 12.5 (E)

The price that consumers pay is _________ and the price that producers keep is _________.

		A.  76, 81
		B.  81, 76
		C.  80, 80
		D.  85, 80
		E.  There is not enough information to answer this question.

Suppose that the market for bobble head dolls is described by the following supply and demand equations:

Qs = 1/2 P

QD = 200 - 2P

12.6.  

Problem Set #3 - Part II - 12.6 (F)

Consumer surplus with the tax is now:

		A.  $2261
		B.  $190
		C.  $1444
		D.  $119
		E.  $361

Suppose that the market for bobble head dolls is described by the following supply and demand equations:

Qs = 1/2 P

QD = 200 - 2P

12.7.  

Problem Set #3 - Part II - 12.7 (G)

Producer surplus with the tax is now:

		A.  $1444
		B.  $119
		C.  $190
		D.  $361
		E.  $2261

Answer 1