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A consumer has an income of $39,853. She consumes only two goods, tacos and beer.

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A consumer has an income of $39,853. She consumes only two goods, tacos and beer. Tacos cost $3.03 each and a

bottle of beer costs $3. If tacos are on the vertical axis, what is the slope of the budget constraint? (Do not forget to include the sign and round to two decimal places)

1 points   QUESTION 2

  1. A consumer has an income of $32,563. He consumes only two goods, pizza and soda. Pizza costs $2.33 each and a soda costs $4.08. If pizza is on the vertical axis, what is the intercept on the vertical axis? (Do not forget to include the sign and round to two decimal places)

1 points   QUESTION 3

  1. What does your answer to the question above represent?a.The maximum number of pizza slices this individual can afford to consume.b.The maximum number of soda cans this individual can afford to consume.c.The optimal number of pizza slices this individual would like to consume.d.The optimal number of soda cans this individual would like to consume.

1 points   QUESTION 4

  1. A consumer has an income of $39,993. She consumes only two goods, Good A and Good B. Good A costs $3.02 each and a Good B costs $3.34 each. If Good A is on the vertical axis and the marginal rate of substitution is equal to -qA/qB what is the optimal amount of consumption of Good A? (Do not forget to include the sign and round to two decimal places)

1 points   QUESTION 5

  1. A consumer has an income of $28,965. He consumes only two goods, Good A and Good B. Good A costs $2.23 each and a Good B costs $5.1 each. If Good A is on the vertical axis and the marginal rate of substitution is equal to -qA/qB what is the optimal amount of consumption of Good B? (Do not forget to include the sign and round to two decimal places)

Part B: 

  1. QD=117 – 2P and QS = -392 + 86P before a tax of $1 is added to each unit of the good. What is the post tax price paid by consumers?{Hint: Because suppliers make their decision based on how much they receive after tax, the new supply function is:  QS = -392 + 86(P-1) }ROUND TO THE NEAREST CENT

1 points   
QUESTION 2

  1. QD=191 – 4P and QS = -300 + 89P before a tax of $1 is added to each unit of the good. What is the post tax equilibrium quantity?{Hint: Because suppliers make their decision based on how much they receive after tax, the new supply function is:  QS = -300 + 89(P-1) }ROUND TO THE NEAREST TWO DECIMAL PLACES

1 points   
QUESTION 3

  1. QD=127 – 2P and QS = -459 + 83P before a tax of $2 is added to each unit of the good. What is the total amount of taxes paid by consumers?{Hint: Because suppliers make their decision based on how much they receive after tax, the new supply function is:  QS = -459 + 83(P-2) }ROUND TO THE NEAREST CENT

1 points   
QUESTION 4

  1. QD=137 – 4P and QS = -351 + 98P before a tax of $1 is added to each unit of the good. What is the total amount of taxes paid by producers?{Hint: Because suppliers make their decision based on how much they receive after tax, the new supply function is:  QS = -351 + 98(P-1) }ROUND TO THE NEAREST CENT

1 points   
QUESTION 5

  1. QD=88 – 2P and QS = -474 + 92P before a tax of $2 is added to each unit of the good. What is the producer surplus after taxes?{Hint: Because suppliers make their decision based on how much they receive after tax, the new supply function is:  QS = -474 + 92(P-2) }ROUND TO THE NEAREST CENT

1 points   
QUESTION 6

  1. QD=58 – 2P and QS = -494 + 77P before a tax of $1 is added to each unit of the good. What is the consumer surplus after taxes?{Hint: Because suppliers make their decision based on how much they receive after tax, the new supply function is:  QS = -494 + 77(P-1) }ROUND TO THE NEAREST CENT

1 points   
QUESTION 7

  1. QD=99 – 3P and QS = -372 + 75P before a tax of $1 is added to each unit of the good. What is the dead weight loss after taxes?{Hint: Because suppliers make their decision based on how much they receive after tax, the new supply function is:  QS = -372 + 75(P-1) }ROUND TO THE NEAREST CENT
 
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