Consider the following demand and supply functions. Demand: D(p) = q = 188-11p and Supply: S(p) = q = 31+ 13p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) 4. Equilibrium Quantity (Round your answer to the nearest whole number.) I 9. b.) Assume there is a 14% tax on the consumer, find the new equilibrium price and quantity. New Equilibrium Price (Round your answer to the nearest cent.) 9. New Equilibrium Quantity (Round your answer to the nearest whole number.) 4.

Consider the following demand and supply functions. Demand: D(p) = q = 188-11p and Supply: S(p) = q = 31+ 13p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) 4. Equilibrium Quantity (Round your answer to the nearest whole number.) I 9. b.) Assume there is a 14% tax on the consumer, find the new equilibrium price and quantity. New Equilibrium Price (Round your answer to the nearest cent.) 9. New Equilibrium Quantity (Round your answer to the nearest whole number.) 4.

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter8: Application: The Cost Of Taxation

Section: Chapter Questions

Problem 10PA

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