Refer to Scenario 13.1. If your negotiated price had been 350 instead of 250, the sum of consumer surplus and producer surplus would be:
A) less than what would have accrued at the 250 price.
B) the same as what would have accrued at the 250 price.
C) more than what would have accrued at the 250 price.
D) None of the above is necessarily correct.
Question 2
Where Es is the elasticity of supply and Ed is the own price elasticity of demand, the fraction of the tax passed on to consumers in the form of higher prices is
A) Es/(Es-Ed).
B) Ed/(Es-Ed).
C) Es/(Ed-Es).
D) Ed/(Ed-Es).
E) Ed/Es.
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