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Principles of Microeconomics
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In the market for a good, the demand is perfectly elastic and the supply is perfectly inelastic.
The equation for demand is P = 11, and the equation for supply is Q = 781.
The government imposes a tax of $4 per unit.
Calculate the total producer incidence.
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
Goods A and B are related goods.
The price of good A is $11.
When the price of good B is $6, demand for good A is P = 17 - 0.004QA.
When the price of good B is $7, demand for good A is P = 18 - 0.0025QA.
Calculate the cross price elasticity of demand.
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***