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Consider the following demand and supply functions. Demand: D(p) = q=200-11p and Supply: S(p) = q = 35+ 22p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) 4. Equilibrium Quantity (Round your answer to the nearest whole number.)

Consider the following demand and supply functions. Demand: D(p) = q=200-11p and Supply: S(p) = q = 35+ 22p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) 4. Equilibrium Quantity (Round your answer to the nearest whole number.)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Consider the following demand and supply functions. Demand: D(p) = q - 200- 11p and Supply: S(p) = q = 35+ 22p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) Equilibrium Quantity (Round your answer to the nearest whole number.) 1. b.) Assume there is a 14% tax imposed on the consumer, find the new equilibrium price and quantity. New Equilibrium Price (Round your answer to the nearest cent.) 4. New 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.) S
Transcribed Image Text:Consider the following demand and supply functions. Demand: D(p) = q - 200- 11p and Supply: S(p) = q = 35+ 22p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) Equilibrium Quantity (Round your answer to the nearest whole number.) 1. b.) Assume there is a 14% tax imposed on the consumer, find the new equilibrium price and quantity. New Equilibrium Price (Round your answer to the nearest cent.) 4. New 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.) S
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