Competitive market with demand and supply (Please help)?
Consider a competitive market with demand given by P= 120-Q and supply given by P=0.5Q.
a) Find competitive equilibrium price and quantity P* and Q*. What are the consumer and producer surplus?
b) Suppose government introduces a unit tax of t=15 on producers. Find the quantity traded in the market after tax Qt. Find the price paid by consumers Pt and price received by producers after tax Ps.
c) Calculate consumer and producer surplus, tax paid by consumers, tax paid by producers, and the total tax revenue to the government, find the deadweight loss associated with the tax.
d) Calculate price elasticity of demand and supply in the competitive market equilibrium
using point elasticity formula. Now calculate what percentage of tax revenue
is paid by the consumers and what percentage is paid by the producers. What can
you say about the relationship between the elasticity of supply and demand and the
shares of tax paid by consumers and producers?
NEED HELP ASAP PLEASE!!
a.Q=240, P=120
b P=(0.5 x 15)Q=7.5Q, at equilibrium Q=14.11, P=105.88
c. The consumer surplus is the area betwen P=120and P=105, (120 x 240 – 105 x14)/2.
The producer surplus is the area between P= 0 and 105=(105 x 14)/2
d. elastic demand
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