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Category > Economics Posted 10 Jun 2017 My Price 6.00

The demand and supply function of hockey sticks is given by

 

The demand and supply function of hockey sticks is given by:

Qd = 286 – 20P

Qs = 88 + 40P

In order to raise revenue to finance minor hockey so that Canada can continue its gold medal streak at the Olympics, the federal government decides to impose a tax of $2 per hockey stick sold, to be paid by the buyers of hockey sticks.

 

a. [10 marks]Determine the equilibrium price and quantity of hockey sticks both before and after the tax. How is the burden of tax shared between buyers and seller?

b. [2.5 marks]How many hockey sticks would be sold before the tax is imposed? After the tax?

c. [5 marks]Graph the supply and demand curves for hockey sticks both before and after the tax.

d. [2.5 marks]What would happen if the tax was paid by sellers of hockey sticks instead of buyers?

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 10 Jun 2017 10:06 AM My Price 6.00

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file 1497089286-1618393_1_636326314307017310_1618393.docx preview (312 words )
G-----------ive-----------nBe-----------for-----------e t-----------ax,----------- Q-----------D =----------- 28-----------6 ------------ 20-----------P -----------QS -----------= 8-----------8 +----------- 40-----------P -----------In -----------equ-----------ili-----------bri-----------um,----------- QD----------- = -----------QS ----------- 28-----------6 ------------ 20-----------P =----------- 88----------- + -----------40P----------- 6-----------0P -----------= 1-----------98 ----------- P -----------= $-----------3.3----------- Q----------- = -----------88 -----------+ (-----------40 -----------x 3-----------.3)----------- = -----------88 -----------+ 1-----------32 -----------= 2-----------20 ----------- Af-----------ter----------- ta-----------x o-----------n b-----------uye-----------rs,----------- pr-----------ice----------- pa-----------id -----------by -----------con-----------sum-----------ers----------- in-----------cre-----------ase-----------s b-----------y $-----------2, -----------so -----------dem-----------and----------- cu-----------rve----------- sh-----------ift-----------s l-----------eft-----------. N-----------ew -----------dem-----------and----------- cu-----------rve----------- is----------- Q-----------D =----------- 28-----------6 ------------ 20-----------(P -----------+ 2-----------) =----------- 28-----------6 ------------ 20-----------P ------------ 20----------- = -----------266----------- - -----------20P----------- E-----------qua-----------tin-----------g w-----------ith----------- QS-----------, -----------266----------- - -----------20P----------- = -----------88 -----------+ 4-----------0P ----------- 60-----------P =----------- 17-----------8 -----------P =----------- 2.-----------97 -----------[Pr-----------ice----------- re-----------cei-----------ved----------- by----------- pr-----------odu-----------cer-----------s] ----------- Pr-----------ice----------- pa-----------id -----------by -----------con-----------sum-----------ers-----------
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