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The supply of X can be described as Qs = 30P whereas the demand for X is Qd = 2000-10P; where Qs is the quantity supplied, Qd is the quantity demanded and P is the price. As such, find the a) equilibrium price P, b) the quantity of X that will be produced if third parties are ignored, and c) what is the socially efficient output of X if each unit of X imposes a $10 external cost on third parties.

Construct a graph showing the outputs, and prices before and after the corrective taxes were imposed.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9167679

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