ECON 100 A question Demand Supply Tax DWL Tax revenue

There is a coastal community north of San Francisco that has 2,000 houses (there cannot be less than 2,000 houses). At a price of $200,000 area residence would purchase 4,000 homes but if the houses were $800,000 all of the residence would move out of the community. Currently the market price of a house in this area is $500,000 and all 2,000 homes are purchased. However, if the market price increased to $700,000, builders would add 50 homes to the community. (A) What is the linear supply function? (B) What is the linear demand function? (C) Assume a 1.5% tax is collected upon property purchase. Graph supply, demand and the tax. Label all intercepts and market equilibrium price and quantity. (include in upload file only) (D) How much revenue is collected from the tax? Does the tax burden fall on home sellers or buyers? Is there a DWL? Recently some San Francisco businesses have allowed their employees to permanently work from home which has resulted in more demand for homes in this coastal area. Now at the market price of $500,000 area residence would purchase 5,000 homes, but if the houses were $2,000,000 all of the residence would move out of the community. Supply has not changed. (E) What is the new market price (without the tax)? (F) Again, assume a 1.5% tax upon property purchase of the purchase price. Draw a new graph and indicate the area of the DWL. Label all intercepts and market equilibrium price and quantity. (include in upload file only) (G) Does the majority of the tax burden fall on home sellers or buyers?ATTACHMENTS

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