he demand and supply curves for a produ are given by respectively, where p is the price and q is the quantity of the product. (a) Find the equilibrium price and quantity. P= 60 q=2700-30p and q = 40p - 1500, 9900
he demand and supply curves for a produ are given by respectively, where p is the price and q is the quantity of the product. (a) Find the equilibrium price and quantity. P= 60 q=2700-30p and q = 40p - 1500, 9900
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please answer c,d,f please answer fast I will rate for you sure....

Transcribed Image Text:The demand and supply curves for a product are given by
q=2700-30p and
respectively, where p is the price and q is the quantity of the product.
(a) Find the equilibrium price and quantity.
P= 60
q= 900
(b) A sales tax of 8% is imposed on consumers. Find the new equilibrium price and quantity.
P= 58.01
q= 820.4
(c) How much tax is paid on each unit?
Tax per unit: $
q=40p - 1500,
(d) At the new equilibrium price and quantity, how much of the tax is paid by consumers, and how much by producers?
By consumers: $
By producers: $
(e) What is the total tax revenue received by the government?
Tax revenue = $
⠀⠀
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