If you have the following demand and supply formulas for the tomatoes market in the Gaza Strip Qd = 16 – 2 P Qs = 4 + 2 PPoint Price (sheqle) Qd (kg) Qs (kg) Market Status A 1 B 2 C 3 D 4 E 5 Complete the table using the given Qd, Qs formulas? Draw the demand and supply curves and state the equilibrium price and quantity on the graph? Following to the above results, if the price = 3 sheqles and the government imposed a per-unit tax of (1) sheqle per kg of tomatoes, explain who bears the most and the least of tax burden using graph ?

Answer: Given: Demand function: Qd=16-2P Supply function: Qs=4+2P Calculation: (1). Quantity…

Answered: If you have the following demand and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If you have the following demand and supply formulas for the tomatoes market in the Gaza Strip

Qd = 16 – 2 P

Qs = 4 + 2 P

Point	Price (sheqle)	Qd (kg)	Qs (kg)	Market Status
A	1
B	2
C	3
D	4
E	5

Complete the table using the given Qd, Qs formulas?
Draw the demand and supply curves and state the equilibrium price and quantity on the graph?
Following to the above results, if the price = 3 sheqles and the government imposed a per-unit tax of (1) sheqle per kg of tomatoes, explain who bears the most and the least of tax burden using graph ?

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