It is given that the Inverse Demand is p =180-4q, and Inverse Supply is p = 40+3q. a. Explain the meanings of the nubmers. b. Find the equilibrium price and the equilibriun quantity. c. Calculate the Consumer Surplus and the Producer Surplus. Suppose the Government issue a unit tax of 35 dollars on consuemrs. d. Calculate the effect on the quantity sold at equiliburium.

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Solve the following problem geometrically,
analytically and numerically.:
It is given that the Inverse Demand is p =180-4q,
and Inverse Supply is p = 40+3q.
a. Explain the meanings of the nubmers.
b. Find the equilibrium price and the equilibriun
quantity .
c. Calculate the Consumer Surplus and the
Producer Surplus.
Suppose the Government issue a unit tax of 35
dollars on consuemrs.
d. Calculate the effect on the quantity sold at
equiliburium.
Transcribed Image Text:Solve the following problem geometrically, analytically and numerically.: It is given that the Inverse Demand is p =180-4q, and Inverse Supply is p = 40+3q. a. Explain the meanings of the nubmers. b. Find the equilibrium price and the equilibriun quantity . c. Calculate the Consumer Surplus and the Producer Surplus. Suppose the Government issue a unit tax of 35 dollars on consuemrs. d. Calculate the effect on the quantity sold at equiliburium.
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