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Question $23,$ Concept Question $6\mathrm{.}5$

Part $6$ of $6$

HW Score: $92\%,23$ of $25$ points

Points: $0$ of $1$

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Question $1$

Question $2$

Question $3$

Question $4$

Question $5$

Question $6$

Question $7$

Question $8$

Question $9$

Question $10$

Question $11$

Question $12$

Question $13$

Question $14$

Question $15$

Question $16$

Question $17$

Question $18$

Question $19$

Question $20$

Question $21$

Question $22$

Question $23$

Question $24$

Question $25$

Question content area

Part $1$

Suppose that the demand function for aluminum$$ is:

Upper Q equals $40$ minus $0\mathrm{.}4$ p$,$

where p is the price paid by consumers in dollars per pound and Q is the quantity demanded measured in pounds.

The supply curve for aluminum is estimated to$$ be:

Q$=0\mathrm{.}1$p$,$ such that eta $=1.$

Part $2$

The$$ pre$-$tax equilibrium price is $$$

$$

$80\mathrm{.}00($round your answer to the nearest $$penny$).$

Part $3$

The$$ pre$-$tax equilibrium quantity is

$$

$8($rounded to two decimal places$).$

Part $4$

If a $$$$20$ tax per pound is placed on$$ aluminum, the price paid by consumers would be $$$

$$

$84\mathrm{.}00($round your answer to the nearest $$penny$).$

Part $5$

And the new equilibrium quantity sold is

$$

$6\mathrm{.}4($enter your response rounded to two decimal places$).$

Part $6$

The price the aluminum producing firms receive is $$$

$$

$64\mathrm{.}00($round your answer to the nearest $$penny$).$

Part $7$

In percentage$$ form, the ad valorem tax that would raise the same level of revenue is

$$

enter your response here$\%($round your answer to one decimal $$place$).$