Given the following information: Qs = 200 + 3P          Qd = 400 – P, where Qs is the quantity supplied, Qd is the quantity demanded and P is the price. 1. From this information compute the equilibrium price and quantity. 2. Now suppose that a tax is placed on buyers so that Qd = 400 – (2P + T) where T is taxes. If T = 20, solve for the new equilibrium price and quantity. (Note: Solve for the equilibrium price for sellers and buyers).

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