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Magazine Problem 9
Suppose government offers a subsidy to laptop sellers. Say whether each group of people gains or loses from this policy. [LO 6.4\(]\) a. Laptop buyers. b. Laptop sellers. c. Desktop computer sellers (assuming that they are different from laptop manufacturers). d. Desktop computer buyers.
Problem 11
The following scenarios describe the price elasticity of supply and demand for a particular good. In which scenario will a subsidy increase consumption the most? Choose only one. [LO 6.5] a. Elastic demand, inelastic supply. b. Inelastic demand, inelastic supply. c. Elastic demand, elastic supply. d. Inelastic demand, elastic supply.
Problem 12
The following scenarios describe the price elasticity of supply and demand for a particular good. All else equal (equilibrium price, equilibrium quantity, and size of the \(\operatorname{tax}\) ), in which scenario will government revenues be the highest? Choose only one. [LO 6.5] a. Elastic demand, inelastic supply. b. Inelastic demand, inelastic supply. c. Elastic demand, elastic supply. d. Inelastic demand, elastic supply.
