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1) The demand curve for burritos is given by the equation P=12-2Q and the supply for burritos is given by P=3+3Q

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1) The demand curve for burritos is given by the equation P=12-2Q and the supply for burritos is given by P=3+3Q. Suppose that the government imposes a tax of $1 on each burrito. The tax is collected from the seller. How much revenue is raised by the government? * $20 $1.8 $2.2 $18

2) The demand curve for burritos is given by the equation P= 12-2Q and the supply for burritos is given by P=2+3Q. Suppose that the government imposes a tax of $1 on each burrito. The tax is collected from the seller. Calculate the tax incidence on the buyers * 0.5 0.2 0.4 0.25

3) Suppose the market demand curve for pizza can be expressed as Qd=100-2P+3Pb, where Qd is the quantity of Pizza demanded, P is the price of a pizza, and Pb is the price of burrito. If the price of pizza is $3 and Pb is $5. What is the price elasticity of demand for pizza? * -0.20 -0.5 -0.27 -0.05

4)Suppose the market demand curve for pizza can be expressed as Qd=100-2P+3Pb, where Qd is the quantity of Pizza demanded, P is the price of a pizza, and Pb is the price of burrito. If the price of pizza is $3 and Pb is $5. What is the cross price elasticity of the demand for pizza with respect to the price of burrito? * 0.04 0.13 0.68 0.76

5)The demand curve for burritos is given by the equation P= 12-2Q and the supply for burritos is given by P=3+3Qs. Suppose that the government imposes a tax of $1 on each burrito. The tax is collected from the seller. What is the equilibrium Price and Quantity after the tax? * P*= $3; Q*= 20 burritos P*= $2; Q*= 18 burritos P*=$8.4; Q*= 1.8 burritos P*= $7.2; Q*=2.2 burritos