(Answered) Question the table gives the demand and supply schedules

Economics

Question: The table gives the demand and supply schedules for an illegal drug.

Price Quantity demanded Quantity supplied
(dollars per unit) (units per day)

50 500 300

60 400 400

70 300 500

80 200 600

90 100 700

a. What is the price and how many units are bought if there is no penalty on drugs?

b. If the penalty on sellers is $20 a unit, what are the price and quantity consumed?

c. If the penalty on buyers is $20 a unit, what are the price and quantity consumed?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92420673
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question in the late 1990s dr chris sarra became the first

Question: In the late 1990s, Dr Chris Sarra became the first Aboriginal principal of Cherbourg State School where he made significant changes to the way that Indigenous students experienced education. Dr Sarra challenged ...

Question describe the main goals of the federal reserve

Question: Describe the main goals of the Federal Reserve. What happens when these goals come into conflict? Explain how the Fed would decide if lower inflation is more important than lower unemployment? Would this decisi ...

Question in the case of a binding price ceiling why is the

Question: In the case of a binding price ceiling, why is the price below the equilibrium price? Isn't it possible for suppliers to increase price (to hit the demand curve) at the quantity traded without losing consumers? ...

Question imagine that a 10000 ten-year bond was issued at

Question: Imagine that a $10,000 ten-year bond was issued at an interest rate of 6%. You are thinking about buying this bond one year before the end of the ten years, but interest rates are now 9%. a. Given the change in ...

Question every so often a disgruntled college graduate sues

Question: Every so often, a disgruntled college graduate sues her school on grounds that her tuition payments did not land her the good job she was expecting when she started there. Courts invariably throw out cases like ...

Question 1 what is the participation rate if there are 125

Question: 1. What is the participation rate if there are 125 million people in the labor force, 100 million people employed, and 25 million not in the labor force? 2. Last year, Linus earned a salary of $25,000 and he sp ...

Question - under the principle of insurance the

Question - Under the principle of insurance, the compensation that is provided is for the losses resulted from the risk existed previously. In some circumstances, for example natural disaster, not all losses could be cla ...

Question if the price consumers pay and the price sellers

Question: If the price consumers pay and the price sellers receive are not affected by whether consumers or sellers collect a tax on a good or service, why does the government usually collect a tax from sellers rather th ...

Question a domestic shoe company distributes running shoes

Question: A domestic shoe company distributes running shoes and tennis shoes for $95 per pair to it domestic shoe retailers. The marginal cost of producing a pair of running shoes is $60 and the marginal cost of producin ...

Question - let demand be given by qd 8 - 2p let supply be

Question - Let demand be given by QD = 8 - 2P; let supply be given by QS = 2P. A tax of $2 per unit is imposed on consumer, what is the new equilibrium quantity? a. 1 b. 2 c. 3 d. 4 e. 5

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert