Given the demand and supply functions for a particular commodity: QD 294.7-4.963P Qs 139.6 +21.34P Find the equilibrium price and quantity. Sketch the demand and supply functions, and the equilibrium points in the same graph. Suppose that and excise tax of P2 has been imposed on consumers, what will the new equilibrium quantity and price be?

Given the demand and supply functions for a particular commodity: QD 294.7-4.963P Qs 139.6 +21.34P Find the equilibrium price and quantity. Sketch the demand and supply functions, and the equilibrium points in the same graph. Suppose that and excise tax of P2 has been imposed on consumers, what will the new equilibrium quantity and price be?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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