QD = 160 -5P %3D QS = -11 + 4P %3D In addition, the government imposed a $3.00 tax on the buyer. Calculate the following: (a) The equilibrium price and equilibrium quantity. (b) Consumer and producer surplus before the tax. (c) Consumer surplus after the tax.

QD = 160 -5P %3D QS = -11 + 4P %3D In addition, the government imposed a $3.00 tax on the buyer. Calculate the following: (a) The equilibrium price and equilibrium quantity. (b) Consumer and producer surplus before the tax. (c) Consumer surplus after the tax.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter6: Demand And Elasticity

Section: Chapter Questions

Problem 3TY

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