Business, 25.02.2020 00:05 guillianaroberts

The demand for grapes is represented by the equation Qd = 40minus2P and supply is represented by the equation Qs = 2P. Equilibrium in the market for grapes occurs where the price is and the quantity is . A. $20; 10 B. $20; 40 C. $10; 20 Your answer is correct. D. $15; 5 The government decides to raise revenue by taxing consumers $4 for every box of grapes purchased. As a result of this tax, the quantity of grapes sold in the market will be: A. 24 B. 26 C. 8 D. 16 Your answer is correct. By how much does total surplus fall as a result of the $4 tax? A. Total surplus falls by $32 as a result of the tax B. Total surplus falls by $8 as a result of the tax C. Total surplus falls by $72 as a result of the tax D. Total surplus falls by $85 as a result of the tax

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The demand for grapes is represented by the equation Qd = 40minus2P and supply is represented by the...

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