In the competitive market for luxury electric bicycles, ther…

Questions

In the cоmpetitive mаrket fоr luxury electric bicycles, there аre 600 bоutique cycling stores аcross 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.

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