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Economics Assignment Sample (pdf)

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Added on  2021-06-16

Economics Assignment Sample (pdf)

   Added on 2021-06-16

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Running Head: ECONOMIC ASSIGNMENT Economic AssignmentName of the StudentName of the UniversityCourse ID
Economics Assignment Sample (pdf)_1
ECONOMIC ASSIGNMENT 1Table of ContentsAnswer 2..........................................................................................................................................2Part I: Tax incidence....................................................................................................................2Part II: Price regulation................................................................................................................5Answer a..................................................................................................................................5Answer b..................................................................................................................................6Answer c..................................................................................................................................6Answer d..................................................................................................................................8References......................................................................................................................................10
Economics Assignment Sample (pdf)_2
ECONOMIC ASSIGNMENT 2Answer 2Part I: Tax incidenceGiven the demand and supply function of pizzas are QD=20−2PQS=P−1Before tax The equilibrium price and quantity in the Pizza market can be determined asQD=QS¿,20−2P=P−1¿,3P=21¿,P=7Quantity=P−1¿7−1¿6Now, the government imposes a tax of $3 tax for per units of pizza purchased. The tax alteredthe demand equation asQD=20−2(P+3)¿20−2P−6
Economics Assignment Sample (pdf)_3
ECONOMIC ASSIGNMENT 3¿14−2PGiven the new demand and existing supply function new equilibrium is QD=QS¿,14−2P=P−1¿,3P=15¿,P=5Newequilibriumquanity=P−1¿5−1¿4The equilibrium price represent the price received by the sellers. The buyers however paid amuch higher price.The old demand functionQD=20−2PFrom this the inverse demand function can be obtained asP=20−QD2The price that buyers pay after tax is obtained as¿20−QD2
Economics Assignment Sample (pdf)_4

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