Suppose we know the following market demand and supply curves for some commodity:
q^d = 1,000,000 - 50,000p
q^s = 100,000 + 75,000p
a. calculate the equilibrium price and quantity. draw a graph showing this result.
b. suppose the government decides to tax the commodity using a $0.50 per unit tax on consumers.
a. what are the new price and quantity in the market and what is the government's tax revenue? graph this solution on your graph above.
b. what is the consumer's tax burden and the producer's tax burden?
c. what is the deadweight loss from this policy?

answer; possession utility;

d. the economy will face inflation.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

your welcome leave a rate and a < 3