Consider the following demand and supply functions.Demand: D(p)= q = 169 – 9p and Supply: S(p) = q = 45 + 11pa.) Assume there are no taxes imposed. Find the equilibrium price and quantity.Equilibrium Price (Round your answer to the nearest cent) 6.2Equilibrium Quantity (Round your answertothenearest whole number) 113b.) Assume there is a 15% tax on the producer, find the new equilibrium price and quantity.New equilibrium price (Round your answer to the nearest cent)Equilibrium Quantity (Round your answer to the nearest whole number)c.) What portion of the tax is paid by the consumer? (Round to the nearest cent)d.) What portion of the tax is paid by the producer? (Round to the nearest cent)e.) What is the total tax is paid to the government? (Round to the nearest cent)Submit answer

Demand : D(p) =q=169-9pSupply : S(p) =q=45+11pAt equilibrium point, demand = supply

Consider the following demand and supply functions. Demand: D(p) = q = 169 – 9p and Supply: S(p) = q = 45 + 11p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent) 6.2 Equilibrium Quantity (Round your answer toythe nearest whole number) 113

Consider the following demand and supply functions. Demand: D(p) = q = 169 – 9p and Supply: S(p) = q = 45 + 11p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent) 6.2 Equilibrium Quantity (Round your answer toythe nearest whole number) 113

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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