Suppose the supply and demand equations for a manufacturer's product are
and
respectively,where q represents number of units and p represents price per unit in dollars.Determine (a)the equilibrium quantity; (b)the equilibrium price.If a tax of $1.00 per unit is imposed on the manufacturer,(c)determine the new equilibrium quantity; (d)the new equilibrium price.

Question

Suppose the supply and demand equations for a manufacturer's product are  
and  
respectively,where q represents number of units and p represents price per unit in dollars.Determine (a)the equilibrium quantity; (b)the equilibrium price.If a tax of $1.00 per unit is imposed on the manufacturer,(c)determine the new equilibrium quantity; (d)the new equilibrium price.

Quizplus · Accepted Answer

The Answer of Suppose the supply and demand equations for a manufacturer's product are  
and  
respectively,where q represents number of units and p represents price per unit in dollars.Determine (a)the equilibrium quantity; (b)the equilibrium price.If a tax of $1.00 per unit is imposed on the manufacturer,(c)determine the new equilibrium quantity; (d)the new equilibrium price.

Suppose the Supply and Demand Equations for a Manufacturer's Product