The demand and supply curves for a product are given in terms of price, p, by q = 2500 - 20p and q = 10p - 500 a. Find the equilibrium price and quantity. b. A specific tax of $6 per unit is imposed on suppliers. Find the new equilibrium price and quantity. c. How much of the $6 tax is paid by consumers and how much by producers.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
The demand and supply curves for a product are given in terms of price, p, by q = 2500 - 20p and q = 10p - 500
a. Find the equilibrium price and quantity.
b. A specific tax of $6 per unit is imposed on suppliers. Find the new equilibrium price and quantity.
c. How much of the $6 tax is paid by consumers and how much by producers.
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