For this question, round all answers at 2 decimal places (if your answer is not a...

 

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For this question, round all answers at 2 decimal places (if your answer is not a whole number). This question is also progressive. For any part that uses one of your previous answers in the calculation, you must use the rounded previous answer to proceed with calculting the next part. For example, in part a, you are expected to use the rounded PE to calculate the QE Suppose the market for wine is given by the following Demand and Supply equations: Qp (per day) 2328 - 51P Qs (per day) = 34P - 977 a. What is the equilibrium price and quantity? PE= = $ QE = units of wine b. If the government imposes a tax of $7 per unit, find the new equilibrium price (PTAXE PTAXE = $QTAXE = units of wine c. What is the government's tax revenue per day? Tax Revenue = $ d. How much of the $7 tax per-unit do consumers pay? Consumers pay $ e. How much of the $7 tax per-unit do producers pay? Producers pay $ ) and quantity (QTAXE). Round your answer at 2 decimal places. For this question, round all answers at 2 decimal places (if your answer is not a whole number). This question is also progressive. For any part that uses one of your previous answers in the calculation, you must use the rounded previous answer to proceed with calculting the next part. For example, in part a, you are expected to use the rounded PE to calculate the QE Suppose the market for wine is given by the following Demand and Supply equations: Qp (per day) 2328 - 51P Qs (per day) = 34P - 977 a. What is the equilibrium price and quantity? PE= = $ QE = units of wine b. If the government imposes a tax of $7 per unit, find the new equilibrium price (PTAXE PTAXE = $QTAXE = units of wine c. What is the government's tax revenue per day? Tax Revenue = $ d. How much of the $7 tax per-unit do consumers pay? Consumers pay $ e. How much of the $7 tax per-unit do producers pay? Producers pay $ ) and quantity (QTAXE). Round your answer at 2 decimal places.

Answer rating: 100% (QA)

a To find the equilibrium price and quantity we set the quantity demanded Qp equal to the quantity s... View the full answer