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The table gives the demand and supply schedules for an illegal drug
The table gives the demand and supply schedules for an illegal drug.
| Price (dollars per unit) | Quantity demanded | Quantity Supplied |
|---|---|---|
| (units per day) | ||
| 50 | 500 | 200 |
| 60 | 400 | 400 |
| 70 | 300 | 500 |
| 80 | 200 | 600 |
| 90 | 100 | 700 |
If there are no penalties on buying or selling the drug, what is the price and how many unis are consumed?
If the penalty on sellers is $20 a unit, what are the price and quantity consumed?
If the penalty on buyers is $20 a unit, what are the price and quantity consumed?
If there are no penalties on buying or selling the drug, the price is $_____ a unit and _____ units a day are consumed.
If the penalty on sellers is $20 a unit, the price is $_____ a unit and _____ units a day are consumed.
If the penalty on buyers is $20 a unit, the price is $ _____ a unit and _____ units a day are consumed.
Expert Solution
- If there are no penalties on buying or selling the drug, the price is $60 a unit and 400 units a day are consumed.
- If the penalty on sellers is $20 a unit, the price is $70 a unit and 300 units a day are consumed.
- If the penalty on buyers is $20 a unit, the price is $ 50 a unit and 300 units a day are consumed.
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