Suppose that the supply and demand equations for a certain product are
and
respectively,where p represents the price per unit in dollars and q represents the number of units per time period.
(a)Find the equilibrium price algebraically.
(b)Find the equilibrium price when a tax of 50 cents per unit is imposed.

Question

Suppose that the supply and demand equations for a certain product are  
and  
respectively,where p represents the price per unit in dollars and q represents the number of units per time period.
(a)Find the equilibrium price algebraically.
(b)Find the equilibrium price when a tax of 50 cents per unit is imposed.

Quizplus · Accepted Answer

The Answer of Suppose that the supply and demand equations for a certain product are  
and  
respectively,where p represents the price per unit in dollars and q represents the number of units per time period.
(a)Find the equilibrium price algebraically.
(b)Find the equilibrium price when a tax of 50 cents per unit is imposed.

Suppose That the Supply and Demand Equations for a Certain