Given the demand and supply functions of a certain good: P =-Q-Qp +122 P = 5Qs +10 Find the equilibrium price and quantity. If the government imposes a fixed tax of $7, find the new equilibrium price and quantity. )Find the extra pay by consumer and supplier. Find the government's tax revenue.
Given the demand and supply functions of a certain good: P =-Q-Qp +122 P = 5Qs +10 Find the equilibrium price and quantity. If the government imposes a fixed tax of $7, find the new equilibrium price and quantity. )Find the extra pay by consumer and supplier. Find the government's tax revenue.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 10PA
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