Suppose demand and supply are given by 𝑄 = 14 − ଵ ଶ 𝑃 and 𝑄 = ଵ ସ 𝑃 − 1 a) Which function is the demand function and why? b) Compute the equilibrium price and quantity in this market? c) Compute the consumer surplus and producer surplus. d) Compute the elasticity of demand and elasticity of supply at the equilibrium. Assuming an excise tax is imposed, would you expect consumers or producers to bear a greater percentage of the tax? Explain. e) Suppose a GHC 12 exercise tax is imposed on the good. Determine the new equilibrium price and quantity. f) Compute the tax revenue, the shares of the tax paid by the consumer and the producer. g) Compute the consumer surplus, producer surplus and the deadweight loss resulting from the tax.
prepare a presentation to the president of Ghana on key macroeconomics challenges for Ghana in the short and medium term. As Ghana Revenue Authority.
what is the opportunity cost of going to university
Argue how free trade rather than protection can favoure countries