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Table 1: Market for Skis Qd Qs 0 P 0 20 40 60 80 100 25 20 15 10 5 0 4 8 12 16 20 1. Consider Table 1. a. What is the equilibrium price and quantity? b. What is the CS, PS, and TS? C. If there is a $20 tax, what is the equilibrium price buyers pay, the price sellers receive, and the quantity? d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.

Table 1: Market for Skis Qd Qs 0 P 0 20 40 60 80 100 25 20 15 10 5 0 4 8 12 16 20 1. Consider Table 1. a. What is the equilibrium price and quantity? b. What is the CS, PS, and TS? C. If there is a $20 tax, what is the equilibrium price buyers pay, the price sellers receive, and the quantity? d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.

Microeconomics
Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter4: Prices: Free, Controlled, And Relative
Section: Chapter Questions
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Table 1: Market for Skis P O 20 40 60 80 100 Qd Qs 25 20 15 10 5 0 0 4 a. b. C. 8 12 16 20 1. Consider Table 1. What is the equilibrium price and quantity? What is the CS, PS, and TS? If there is a $20 tax, what is the equilibrium price buyers pay, the price sellers receive, and the quantity? d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.
Transcribed Image Text:Table 1: Market for Skis P O 20 40 60 80 100 Qd Qs 25 20 15 10 5 0 0 4 a. b. C. 8 12 16 20 1. Consider Table 1. What is the equilibrium price and quantity? What is the CS, PS, and TS? If there is a $20 tax, what is the equilibrium price buyers pay, the price sellers receive, and the quantity? d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.
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d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.
Transcribed Image Text:d. If there is a $3 tax, what is the CS, PS, tax revenue, TS, and deadweight loss? Include graph! e. Does welfare go up or down? Explain.
Table 1: Market for Skis P 0 20 40 60 80 Qd 25 20 15 10 Qs 0 5 4 8 16 100 0 20 12
Transcribed Image Text:Table 1: Market for Skis P 0 20 40 60 80 Qd 25 20 15 10 Qs 0 5 4 8 16 100 0 20 12
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