ECON 1B03 Study Guide - Midterm Guide: Pencil, Price Ceiling, Economic Equilibrium
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ECON 1B03 Full Course Notes
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Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. The burden of the tax will fall: market demand is given as qd = 300 6p. In a perfectly competitive: market demand is given as qd = 300 6p. Market supply is given as qs = 4p. Which legally imposed price would constitute a binding price ceiling: , , , . Page 3 of 7: market demand is given as qd = 60 p. market supply is given as qs = 3p. The government imposes a per unit tax on suppliers. Figure 8-5 the burden of the tax will be shared equally between buyers and sellers. it is impossible to determine how the burden of the tax will be shared: refer to figure 8-5. When the tax is placed on this good, the quantity sold will.
