1. Explain what would happen to equilibrium price and quantity in the market for  Pepsi if the following occurred (be sure to indicate WHY it happens as  well):

a. The price of Coke decreases.


b. Average household  income falls from $50,000 to $43,000


c. There are improvements in  soft-drink bottling technology.


d. The price of sugar increases and  the Pepsi launches an extremely successful advertising campaign. 


2. Use the following equations for demand and supply to solve for  market equilibrium price and quantity:

Demand: Qd = 100 – 4P
Supply:  Qs = 10 + 6P








3. Using the diagram below,  answer the following questions:



a. How much is the per-unit tax  on cigarettes?


b. What price do consumers pay after the  tax?


c. How much tax revenue is collected?


d. What is the  amount of deadweight loss?


AFTER PAYMENT ENTER PASSWORD : "SHIV" TO UNLOCK THE SOLUTION

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