# I need this work in 12 hours (Principles of Microeconomics)

Jun 18th, 2015
Anonymous
Category:
Accounting
Price: \$65 USD

Question description

Question 1.

[25 points] Suppose the market for cigarettes is characterized by the following information:

Qd=70–5P [Demand] Qs =3P–10 [Supply]

Suppose the government imposes a sales tax of \$2 per unit. Calculate the Dead-Weight- Loss due to the sales tax.

[Note: P = price per unit; Qd = thousands of units demanded; Qs = thousands of units supplied]

Question2.

[25points]SupposethemarketforwineintheU.S.ischaracterizedby: Qd = 100 – 20P [Demand]

Qs = 20 + 20P [Supply]
The market for wine in the rest of the world is characterized by:

Qd = 80 – 20P [Demand] Qs = 40 + 20P [Supply]

Calculate the deadweight loss if the U.S. imposes a prohibitive tariff per unit of imported wine.

[Note: P = price per unit; Qd = billions of units demanded; Qs = billions of units supplied]

(Top Tutor) Robert F
School: Carnegie Mellon University

Studypool has helped 1,244,100 students

Review from student
Anonymous
" Top quality work from this guy! I'll be back! "

1828 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors