05 Jun Question Suppose you are hired by a g
Question
Suppose you are hired by a guitar company as an economic consultant. You estimate the demand for the guitars to be Q = 8000 – 2P. Suppose the supply of the Guitars is given by Q = 2000 +3P. What is the equilibrium price of the guitars?
What is the equilibrium quantity of the guitars?
What is the price elasticity of demand at the equilibrium price and quantity?
What is the price elasticity of supply at the equilibrium price and quantity?
For the next seven questions, suppose a per-unit excise tax of $40 per guitar is levied on the consumers.
What price will sellers receive after the tax is levied?
What price will consumers pay after the tax is levied?
What percent of the tax will be paid by the consumers of the guitars? (give an answer between 0 and 100)
What percent of the tax will be paid by the suppliers of the guitars? (give an answer between 0 and 100)
How many guitars will be sold after the tax is imposed?
How much consumer surplus do consumers get after the tax?
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