Audrey A.

asked • 02/09/23

I found part a but I need help on the steps in part b

the equations below represent the supply and the demand, in some order, for a certain product.

Note that the price 𝑝p is in dollars.

350𝑝+𝑞−7000=0350p+q−7000=0

𝑞−150𝑝+1350=0q−150p+1350=0

(a) Find the equilibrium point:

Quantity 𝑞=q= 1155 .

Price 𝑝=p= $16.7


(b) Suppose a tax of $3 per unit is imposed on the supplier.

Find the new equilibrium point.

Quantity 𝑞=q=  .

Price 𝑝=p= $


1 Expert Answer

By:

Raymond B. answered • 02/12/23

Tutor
5 (2)

Math, microeconomics or criminal justice

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.