If the government sets a maximum price of $10 per unit, what will be the quantity demanded and quantity supplied?

question 1:
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
1) Suppose the market for grass seed can be expressed as
Demand: QD = 200 – 5p
Supply: QS = 40 + 5p
If the government collects a $5 specific tax from sellers, how much will the quantity demanded change from the
amount demanded before the tax? What price will consumers pay after the tax? What price will sellers receive
after the tax? What is the tax revenue?
2) Suppose the market for potatoes can be expressed as follows:
Supply: QS = -20 + 10p
Demand: QD = 400 – 20p
If the government sets a maximum price of $10 per unit, what will be the quantity demanded and quantity
supplied?
3) Suppose the demand function for a good is expressed as Q = 80 – 2p. If the good currently sells for $15, find the
price elasticity of demand. Also explain how the elasticity is expected to change if the price goes up above $15?
question2:
1. Which of the following counts toward changes in the current GDP? Explain each of them
briefly.
a. Increase in crime level.
b. Building new jails.
c. You find $10 on the sidewalk.
d. You fix your own sink.
2. Use the information given on Table 2 to answer the following questions:
Table 2: National Income Accounting
2017
2018
Quantity of pistachios
1,000
1,100
Quantity of video games
500
500
Price of pistachios
$1.00
$1.50
Price of video games
$15.00 $14.75
a. Calculate the growth of the economy from 2017 to 2018.
b. Calculate inflation from 2017 to 2018.
3. Use the information given on Table 3 to answer the following questions:
Table 3: U.S. and Eurozone Nominal GDP in 2011
2011
Eurozone nominal GDP (€ billions)
€13,144
U.S. nominal GDP ($ billions)
$15,100
Dollar/euro exchange rate
$1.28/€1
PEURO /PUS
0.96
What is the value of the Eurozone GDP in U.S. dollars adjusted for price
differences?
4. Suppose k is growing at a rate _____
percent and n is growing at a rate _____
percent. If _____
find the growth rate of y