Supply and demand curves for a certain consumer good are given by q = 5p + 450 and q = 1250 - %3D %3D 3p, respectively. p is the price in dollars for one unit of this good and q is the number of units. A specific tax of $16 on each unit of this good has been proposed. This tax, if enacted, would be directed at the suppliers. By how much will the equilibrium price increase if this tax is enacted?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 94E
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Enter as a dollar amount accurate to the nearest cent. 

Supply and demand curves for a certain consumer good are given by q = 5p + 450 and q = 1250 -
%3D
3p, respectively. pis the price in dollars for one unit of this good and q is the number of units. A
specific tax of $16 on each unit of this good has been proposed. This tax, if enacted, would be
directed at the suppliers.
By how much will the equilibrium price increase if this tax is enacted?
Transcribed Image Text:Supply and demand curves for a certain consumer good are given by q = 5p + 450 and q = 1250 - %3D 3p, respectively. pis the price in dollars for one unit of this good and q is the number of units. A specific tax of $16 on each unit of this good has been proposed. This tax, if enacted, would be directed at the suppliers. By how much will the equilibrium price increase if this tax is enacted?
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