Quiz 3 - - 5/3 or -1.67 C) (4 points)What is the Price...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 302 Quiz 3 McLeod Name ______________________________ ID # _________________________________ 1. Suppose the market supply and demand for softball gloves in Happy Valley are given by: Demand: Q = 480 – 10P Supply: Q = -180 + 12P A) (2 points) Calculate the equilibrium price and quantity of softball gloves. P* = 30; Q* = 180 B) (4 points)What is the Price Elasticity of Demand at the equilibrium price and quantity?
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: - 5/3 or -1.67 C) (4 points)What is the Price Elasticity of Supply at the equilibrium price and quantity? 2 For the remaining questions, suppose a tax of $11 per glove is levied on the consumers. D) (5 points) What proportion of the tax will be paid by consumers ? 6/11 E) (5 points) How much will producers receive after the tax? $25...
View Full Document

This note was uploaded on 12/18/2008 for the course ECON 302 taught by Professor Kurrejamesantho during the Fall '08 term at Pennsylvania State University, University Park.

Page1 / 2

Quiz 3 - - 5/3 or -1.67 C) (4 points)What is the Price...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online