Consider the market for laptop computers. The demand for laptops is Q=1800-3P. Suppose the supply of laptops is given by Q=-200+2P
1-What is the equilibrium price of laptops?
2-What is the equilibrium quantity of laptops?
3-What is the price elasticity of demand at the equilibrium price and quantity?
4-What is the price elasticity of supply at the equilibrium price and quantity?
5-for the next seven questions, suppose a per unit excise tax of $80 per guitar is levied on the consumers.
6-What price will sellers receive after the tax is levied?
7-What price will consumers pay after the tax is levied?
8-What percent of the tax will be paid by the consumers of laptops?
9-What percent of the tax will be paid by the suppliers of laptops?
10-How many guitars will be sold after the tax is imposed?
11-How much consumer surplus do consumers get after the tax?
12-What is the deadweight loss created by this tax?
At equilibrium Demand (D) = Supply(S)
But D=Q=1800-3P and S=Q=200+2P
Equilibrium Quantity of laptops=
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