What are the equilibrium quantity and price? how much, Ask an Expert

Economics

Qd=500-5P and Qs=2P-60

What are the equilibrium quantity and price?

How much consumer surplus exists in this market?

If a $2 excise tax is levied on this good, what will happen to the equiilibruim price and quantity?

What will the consumer surplus be after the tax?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9472105

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