a. Given the equilibrium price of $10, what is the equilibrium quantity given the data above?Instructions: Enter only whole numbers in the table below.Equilibrium quantity = bagsb. What if, instead of bags of oranges, the data in the two tables dealt with a public good like fireworks displays?Instructions: Enter only whole numbers in the table below.If all the buyers free ride, what will be the quantity supplied by private sellers? Q* = c. Assume that we are back to talking about bags of oranges (a private good), but that the government has decided that tossed orange peels impose a negative externality on the public that must be rectified by imposing a $2-perbag tax on sellers..Instructions: Enter only whole numbers in the table below.What is the new equilibrium price? P* = $ What is the new equilibrium quantity? Q* = bagsIf the new equilibrium quantity is the optimal quantity, by how many bags were oranges being overproduced before?Q* = bag
Look at the two tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of bags of oranges.
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