In the competitive market for luxury electric bicycles, ther…

In the competitive market for luxury electric bicycles, there are 600 boutique cycling stores across the U.S., each purchasing at most one unit. Market demand (units) is given by: Qd=2000−8P(subject to the constraint that a maximum of 600 units can be sold, i.e., Qd≤600). Market supply is given by: Qs=−1500+3P Determine the equilibrium price and quantity of luxury electric bicycles sold. (2 points) The government introduces a $500 tax per unit on boutique cycling stores purchasing luxury electric bicycles. (8 points) What is the new equilibrium quantity sold? What price does the buyer pay? What price does the firm receive? Calculate the deadweight loss, if any.

The demand function for a new smartphone is given by Q=350−2…

The demand function for a new smartphone is given by Q=350−2P, where P is the price in dollars and Q is the quantity demanded. If the price is set at $150, how many units will be sold? (1 point) Find the price elasticity of demand when the price decreases from $150 to $120. (2 points) Is the price elasticity of demand elastic or inelastic? (1 point)