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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 = 15, and the equation for supply is Q = 612.
The government imposes a tax of $6 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.***
Spinach and lettuce are substitutes for consumers. The price of lettuce is $1.70 each. When units of spinach are $2.60 each, demand for lettuce is P = 5.7 - 0.002Q and when units of spinach are $2.70 each, demand for lettuce is P = 6.4 - 0.002Q.
Calculate the cross price elasticity of demand for spinach and lettuce.
*** 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.***
Consider a market in which supply is perfectly inelastic but demand is downward sloping. If the government adds a tax the producer tax incidence will be $0.
The table below shows the supply schedule for a firm.
Calculate the price elasticity of supply between $7 and $8.
| Price | Quantity |
| 1 | 0 |
| 2 | 0 |
| 3 | 0 |
| 4 | 0 |
| 5 | 2 |
| 6 | 4 |
| 7 | 6 |
| 8 | 8 |
| 9 | 10 |
| 10 | 12 |
| 11 | 14 |
| 12 | 16 |
| 13 | 18 |
| 14 | 20 |
| 15 | 22 |
| 16 | 24 |
Demand for backpacks is given by the equation P = 140 - 0.01Q.
The price changes from $98 to $87.
Calculate the quantity effect.