Question

Demand for apartment can be described by D(p) = 1000 - 20p...The supply for apartment is...

Demand for apartment can be described by D(p) = 1000 - 20p...The supply for apartment is represented by S(p) = 30p.

What's the market equilibrium price and quantity? ________ and respectively _______

Suppose a tax of 10% is put in place, what are the buyer's and seller's price in this market after the tax? ________ and ________ respectively (rounded to 2 decimals places)

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose the Demand and supply curve for a particular product is as follows: D(p)=60-20p S(p)=20p+20 Suppose...
Suppose the Demand and supply curve for a particular product is as follows: D(p)=60-20p S(p)=20p+20 Suppose city council considers implementing a small lump sum tax of $T per unit traded (i.e. if the consumer pays p then the producer receives p-T). What is the tax incidence on consumers?
Qd = 240 - 5P Qs = P (a) Where Qd is the quantity demanded, Qs...
Qd = 240 - 5P Qs = P (a) Where Qd is the quantity demanded, Qs is the quantity supplied and P is the Price. Find: (1) the Equilibrium Price before the tax (2) the Equilibrium quantity before the tax (3) buyers reservation price (4) sellers reservation price (5) consumer's surplus before tax (6) producer's surplus before tax (b) Suppose that the government decides to impose a tax of $12 per unit on seller's in the market. Determine: (1) Demand...
9.1 Home’s demand curve for wheat is: D = 100 − 20P. Its supply curve is...
9.1 Home’s demand curve for wheat is: D = 100 − 20P. Its supply curve is S = 20 + 20P. Derive and graph Home’s import demand schedule. What would the price of wheat be in the absence of trade? 9.2 Now add Foreign, which has a demand curve D* = 80 − 20P and a supply curve S* = 40 + 20P. a. Derive and graph Foreign’s export supply curve and find the price of wheat that would prevail...
Consider the market for gasoline in Canada. Suppose the market demand and supply curves are described...
Consider the market for gasoline in Canada. Suppose the market demand and supply curves are described by the equations below. In each case, quantity refers to millions of litres of gasoline per month; price is per litre (in cents). Demand: P = 100 – 5QD Supply: P = 44 + 2QS (a) Plot the demand and supply curves on a scale diagram. (b) Compute the equilibrium price and quantity. (c) Suppose government imposes a tax of 20 cents per litre....
Suppose that a market is described by the following supply and demand equations: QS = 2P...
Suppose that a market is described by the following supply and demand equations: QS = 2P QD = 400 - 3P Solve for the equilibrium price and the equilibrium quantity. Suppose that a tax of T is placed on buyers, so the new demand equation is QD = 400 – 3(P+T) Solve for the new equilibrium. What happens to the price received by sellers, the price paid by buyers, and the quantity sold? Tax revenue is T x Q. Use...
in a competitive market, demand is described by qd = wpp - 5p, and supply is...
in a competitive market, demand is described by qd = wpp - 5p, and supply is qs = 100 + 5p. suppose a specific or unit tax of $10 per unit of quantity traded is imposed on the consumers. what is the equilibrium quantity after the tax is imposed? qd= 200 -5p
A market is described by the following supply and demand curves: QSQS =  = 3P3P QDQD =  =...
A market is described by the following supply and demand curves: QSQS =  = 3P3P QDQD =  = 400−P400−P The equilibrium price is______ and the equilibrium quantity is_______ . Suppose the government imposes a price ceiling of $80. This price ceiling is (binding or not binding) , and the market price will be . The quantity supplied will be______ , and the quantity demanded will be_____ . Therefore, a price ceiling of $80 will result in (a shortage, neither a shortage nor...
1) Suppose the market for potatoes can be expressed as follows: Supply: s = -20 +...
1) Suppose the market for potatoes can be expressed as follows: Supply: s = -20 + 10p Demand: d = 400 - 20p a) Solve for the equilibrium price and quantity. b) Solve for the equilibrium when the demand increases to d = 430 - 20p.
The market for a particular good is described by the following demand and supply equations respectively:...
The market for a particular good is described by the following demand and supply equations respectively: QD = 448 – 3.5P and QS = 2.5P – 80. Consider that after much discussion among policymakers and following a final vote, the government implements a 20% ad valorem tax on sellers of the good. The market adjusts and is currently in equilibrium. [a.] After the tax is implemented, what quantity of the good is traded? What price do buyers pay and what...
Assume that the demand curve D(p) given below is the market demand for apples: Q=D(p)=320−12pQ=D(p)=320-12p, p...
Assume that the demand curve D(p) given below is the market demand for apples: Q=D(p)=320−12pQ=D(p)=320-12p, p > 0 Let the market supply of apples be given by: Q=S(p)=60+15pQ=S(p)=60+15p, p > 0 where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied. What is the consumer surplus at the equilibrium price and quantity? Round the equilibrium price to the nearest cent, use that rounded price to...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT