Stutz Department Store will buy 10 pairs of sunglasses if the price is $76 per pair and 30 pairs if the price is $26. The supplier of the sunglasses is willing to provide 35 pairs if the price is $81 per pair but only 5 pairs if the price is $21. Assuming that the supply and demand functions for the sunglasses are linear, find the market equilibrium point. Suppose that in a certain market the demand function for a product is given by 10p + q = 2,100 and the supply function is given by 50p − q = 1,350. (Assume price is measured in dollars.) If the government levies a tax of $3 per item, find the equilibrium point after the tax is levied. The tax is added to the selling price of the product.

Stutz Department Store will buy 10 pairs of sunglasses if the price is $76 per pair and 30 pairs if the price is $26. The supplier of the sunglasses is willing to provide 35 pairs if the price is $81 per pair but only 5 pairs if the price is $21. Assuming that the supply and demand functions for the sunglasses are linear, find the market equilibrium point. Suppose that in a certain market the demand function for a product is given by 10p + q = 2,100 and the supply function is given by 50p − q = 1,350. (Assume price is measured in dollars.) If the government levies a tax of $3 per item, find the equilibrium point after the tax is levied. The tax is added to the selling price of the product.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.7: Application 7: The Price Of An Aisle Seat

Problem 2ST

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