The Quantity Q of Grapefruits Demanded at Price P Is

question 9

Multiple Choice

The quantity q of grapefruits demanded at price p is given by q = 30 - 3p and the supply schedule by q = 6p. The government imposes a quantity tax at some rate t, which it collects from buyers. What is the smallest tax rate that will result in no grapefruits being bought or sold?

• A) 10%
• B) 3.33%
• C) 3.67%
• D) 11.50%
• E) 13%

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Definitions:

Return On Investment

A measure of the profitability expressed as a percentage of the original investment.

Performance Post-Training

The level of an individual's or group's ability and efficiency after undergoing a specific training program.

Utility

The total satisfaction or value derived from consuming a good or service.

Effect Size

A quantitative measure of the magnitude of a phenomenon or the strength of the relationship between variables, often used in statistical analysis to assess the significance of findings.