Question the inverse demand for wind powered turbines that, Ask an Expert

Economics

Question: The inverse demand for wind powered turbines (that produce electricity from the? wind) is P? = 23 - 0.2Q. The supply of wind powered turbines is P = 5 + 0.8Q, where P is in thousands of dollars and Q is in thousands of wind turbines.

- The market for wind powered turbines is perfectly competitive. The equilibrium quantity in the market is ___ Thousand of wind turbines.

- The government wants to encourage alternative sources of energy and decides to offer wind turbine producers a subsidy of ?$1 thousand per turbine produced and sold. As a? result, the new equilibrium quantity in the market will be ____ thousand turbines.

- The amount sellers will receive for each turbine sold is ___ Thousand.

- The amount buyers will pay for each turbine purchased is ____ Thousand.

- The deadweight loss caused by the subsidy is ____ million.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92634663

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