(Answered) Te demand curve is given by the equation qd 1150

Economics

The demand curve is given by the equation QD = 1150 - 100p and the supply curve by QS = 100p - 50

1150 - 100p = 100p -50

Find the equilibrium price and quantity.

Equilibrium price is 6 and the quanity is 550.

Find the consumer surplus if price is equal to the equilibrium price.

1/2*275*2.75 = 378.125

Find the producer surplus if price is equal to the equilibrium price.

8.25*275= 2,268.75

Now what if the government imposes $2 tax on sellers.

Calculate the price consumers pay and price producers receive after tax.

Calculate the consumer and producer surplus after tax.

Calculate the deadweight of the tax.

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Macroeconomics, Economics

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