05 Jun 1. When the price of the good is $4 the firm is w
Question
Homework #7
1. When the price of the good is $4 the firm is willing to sell 500 units. When the price of the good is $8 the firm is willing to sell 1000 units. Calculate the elasticity of supply and identify if it is elastic, unit elastic or inelastic. 15 pts
2. A price floor causes a (shortage or surplus) when set (above or below) the equilibrium price. This will be more severe the more (elastic or inelastic) the demand curve and the more (elastic or inelastic) the supply curve.
Choose which option goes in each blank space. 20 pts
3. Label which of the following supply curves is the more elastic of the two and which is the more inelastic of the two, assuming all other things are equal. 10 pts
4. In which case will we see price fall a lot and quantity rise by a smaller amount? 20 pts
Choose which option goes in the blank space.
The (D or S) curve shifts to the (right or left) while
the (D or S) curve is relatively (elastic or inelastic).
pg. 2
5. Describe how to draw a supply and demand graph so that the seller pay the majority of any tax incidence 10pts
Text box:
Q
6. Answer the questions below using the above graph. 25 pts.
The original equilibrium price is ?
The original equilibrium quantity is ?
This tax was levied on the ?
How much is the tax ?
The tax incidence is primarily on the ?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.