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Microeconomics


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Verify that the equilibrium market price for beer is $7 and the equilibrium quantity is 112,000 6-packs/month under the linear supply and demand functions discussed in our class meeting (recall that we are measuring beer in 1,000s of 6-packs/month). As a reminder, these supply and demand functions are:
Qd,beer = 224-16P,beer
Qs,beer = -28+20P,beer
Suppose that an excise tax of $1/6-pack is imposed, which is paid by the producer (brewers). Compute the new equilibrium price and quantity. Also compute the government tax revenue as well as the new consumer and producer surplus amounts. What is the deadweight loss of the tax on beer? Illustrate the qualitative effects of the tax graphically.

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This job is for a Partnership student.
Posted Date
10/17/2020

Listing ID
75092140
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