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Demand: P = 1500 – 0.5Q Supply: P = 150 + 0.25Q What is the equilibrium price and quantity of the product? A) P* = 400, Q* = 2200 B) P* = 100, Q* = 5400 C) P* = 900, Q* = 1200 D) P* = 600, Q* = 1800 E) none of the above 15. What is the price elasticity of demand at the equilibrium price? A) Elasticity = -0.666 B) Elasticity = -6 C) Elasticity = -3 D) Elasticity = -1.5 E) none of the above 16. For the next three <strong>questions</strong>, assume there is $30 per unit tax levied on the consumers of guitars. What price will buyers pay after the tax is imposed? A) $590 B) $630 C) $620 D) $615
E) none of the above 17. What is the quantity of the good that will be sold after the tax is imposed? A) 1640 B) 1680 C) 1700 D) 1720 E) none of the above 18. What is the deadweight loss created by the tax? A) DWL = $300 B) DWL = $600 C) DWL = $450 D) DWL = $150 E) none of the above
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Page 5: C) CS = $1,600 D) CS = $600 E) CS =

27 multiple choice questions

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