one question only needs to be solved
$2-8 USD / hour
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?
Project ID: #4631213
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