Suppose demand is given by qdp99-2p and supply is given by, Ask an Expert

Economics

Suppose demand is given by Qd(p)=99-2p, and supply is given by Qs(p)=p

1. Find the free market equilibrium price and quantity.

2. Now consider government imposes a $3 quantity tax on transaction. Find the new market equilibrium prices and quantity. Compute buyer and seller's tax burden, respectively.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91235628

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