one question only needs to be solved

In Progress Posted Jun 16, 2013 Paid on delivery
In Progress

I need someone to solve this question for me

Assume the current price of corn chips is $2 per packet. The demand elasticity is 0.5

(ignoring the negative sign) and current consumption (i.e. quantity demanded) is 40

million packets per week. Suppose that the manufacturer raises the price of corn chips

to $4 per packet.

a) Derive the demand equation.

b) What will happen to weekly consumption as price increases to $4?

c) Suppose the supply equation is P=2+Q. Find the market equilibrium price and

equilibrium quantity.

d) Given the above supply and demand equations, calculate the surpluses for

both consumer and producer.

e) Let assume that Government has imposed a fixed tax $4 per unit on a seller

then what will be the equation of new supply curve? Given the demand curve,

do you think this market exists after Government has imposed a fixed tax?

Algorithm Mathematics Research Writing Statistics

Project ID: #4631213

About the project

4 proposals Remote project Active Jun 16, 2013

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drevak

Hi. I have a degree related to statistics. Let me do it.

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sdk2788

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