12 May The following tables give the demand and supply for widgets
The following tables give the demand and supply for widgets
Demand Supply
Price Quantity Price Quantity
$0.50 10 $0.50 3
1.00 9 1.00 4
1.50 8 1.50 5
2.00 7 2.00 6
2.50 6 2.50 7
3.00 5 3.00 8
A. What quantity is sold at equilibrium and at what price?
B. Formulate the demand and supply curves assuming that they are both linear functions based on the information given.
C. Suppose that a sales tax of $1.50 is imposed on per unit of widgets. What will be the new market price and sales level (use the relevant mathematical equations to answer this question)? What price do suppliers actually collect? What price do buyers actually pay (draw the appropriate diagram when answering this question)?
D. Suppose instead of a sales tax an excise tax of $1.50 is imposed. Answer all the segments of part C. question for this section. Once again draw the appropriate diagram when answering the question
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