What is the new equilibrium price and quantity. elucidate, Ask an Expert

Economics

Qd= 2400-500p Qs=6000-1000p

Suppose $1 is imposed per gallon of milk tax on dairy farmers
1. What is the effect of the taz on the supply equation? the demand equation?
2. What is the new equilibrium price and quantity?
3. Elucidate how much do dairy farmers receive per gallon of milk after the tax? how much do demanders pay?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M9272181

Have any Question?Write your Review or question?

Related Questions in Business Economics

There are 100 identical firms in a perfectly competitive

There are 100 identical firms in a perfectly competitive industry. Market demand is given by -200P +8000. If each firm has a marginal cost curve, MC = .4 q + 4. What is the firm's supply curve ? What is market supply? Wh ...

After paying 150 you are allowed to open a newspaper

After paying $1.50, you are allowed to open a newspaper vending machine freely (i.e. get as many as you want). In contrast, a soft drink vending machine only drops one can after you pay the same amount of money. Why? Ple ...

Standards drive instruction therefore how do standards

Standards "drive instruction," therefore, how do standards influence curriculum planning?

How does consumers influence the market price of goods it

How does consumers influence the market price of goods it sells, and what does the term, "market power" means?

Suppose after collecting data on an existing firms actual

Suppose, after collecting data on an existing firm's actual short-run ouput, the following production function is found to match the data: TP = Q = 5*L + 0.6*L2 - 0.01*L3 1. Using the equation above, find the following ...

A decision maker has ordered every commodity in walmart

A decision maker has ordered every commodity in Walmart alphabetically according to the commodity's name. Every time when he needs to choose from several commodities, he always choose the second one according to his orde ...

Health care issues are receiving much attention in both

Health care issues are receiving much attention in both academic and political arenas. A sociologist recently conducted a survey of citizens over 60 years of age whose net worth is too high to qualify for Medicaid and ha ...

Suppose you have used the following production function to

Suppose you have used the following Production Function to estimate the Industry's average and marginal products for its inputs: Q = 150 L1/4K1/3 M1/5. Where Q stands for output; L is labor; K is capital (machine hors) a ...

The current value of a company is 25 million if the value

"The current value of a company is $25 million. If the value of the company six year ago was $10 million, what is the company's mean annual growth rate over the past six years?" Please explain how the answer was reached ...

Explain how the application of the pdca cycle can support a

Explain how the application of the PDCA cycle can support a competitive strategy of low cost leadership.

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 Business Economics Expert