1 discuss the law of demand graph the following demand-, Ask an Expert

Economics

1. Discuss the law of demand. Graph the following demand- supply equations: Qd= 100- 0.5P Qs = P

2. Compute the equilibrium price and quantity. Discover the excess demand, if the price is set at $50.

3. Presume the government imposes a tax ($2/unit) on the seller. Decide the new equilibrium price and quantity.

4. Compute the amount of tax revenue, and show it on a diagram.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91224401

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