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Eco 2023 Paige pg. 1 Homework #7 1. When the price of the good is $4 the firm is willing to sell 500 units. When the price of the good is $8 the firm is willing to sell 1000 units. Calculate the elasticity of supply and identify if it is elastic, unit elastic or inelastic. 15 pts 2. A price floor causes a (shortage or surplus) when set (above or below) the equilibrium price. This will be more severe the more (elastic or inelastic) the demand curve and the more (elastic or inelastic) the supply curve. Choose which option goes in each blank space. 20 pts 3. Label which of the following supply curves is the more elastic of the two and which is the more inelastic of the two, assuming all other things are equal. 10 pts 4. In which case will we see price fall a lot and quantity rise by a smaller amount? 20 pts Choose which option goes in the blank space. The (D or S) curve shifts to the (right or left) while the (D or S) curve is relatively (elastic or inelastic). Q Q P P S S
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pg. 2 5. Describe how to draw a supply and demand graph so that the seller pay the majority of any tax incidence 10pts 6. Answer the questions below using the above graph. 25 pts. a. The original equilibrium price is ? b. The original equilibrium quantity is ? c. This tax was levied on the ? d. How much is the tax ? e. The tax incidence is primarily on the ? Q
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Subject: Business, Economics

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