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Answer_Key_Homework_2 - Econ 302 Homework#2 McLeod Due in...

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Econ 302 Homework #2 McLeod Due in class Monday, February 8. Name ______________________________________________________ ID # ________________________________________________________ Instructions: Please Read Carefully Please print out this form. There should be five separate sheets of paper (including the cover sheet). After you have written your answers, please staple the five sheets together at the top left-hand corner. The first sheet is intended only as a cover sheet. Do not write anything on the first sheet except your name and ID #. Please answer each question on the page provided. If you need extra space, you may use the back of the sheet. There are 50 possible points on this homework assignment. You may work together, but you MUST WRITE UP YOUR OWN WORK and TURN IT IN, IN PERSON, AT THE BEGINNING OF CLASS on Monday, February 8. Late homework will not be accepted. PLEASE STAPLE YOUR HOMEWORK!!
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1) ( 30 points ) Suppose a public referendum is being held on whether or not to levy a tax on cigarettes. Currently, the supply of cigarettes is given by Qs = -105 + 20P. You estimate the demand for cigarettes to be Qd = 120 - 5P.
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