Sp- 50 3p-dp370-psales tax 20 calculate the equilibrium, Ask an Expert

Economics

S(P^-)= 50 + 3P^-

D(P^+)=370-p^+

Sales tax= 20 %

Calculate the equilibrium buyers' and sellers' price with no sales tax, and then with the 20% tax.

Explain how answer illustrates the principle that less responsive side of the market will pay more than half the total cost of sales tax

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91421159

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