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?
Percentage
A percentage is a number indicated as a fraction of 100. It is a dimensionless number often expressed using the symbol %.
Algebraic Expressions
In mathematics, an algebraic expression consists of constant(s), variable(s), and mathematical operators. It is made up of terms.
Numbers
Numbers are some measures used for counting. They can be compared one with another to know its position in the number line and determine which one is greater or lesser than the other.
Subtraction
Before we begin to understand the subtraction of algebraic expressions, we need to list out a few things that form the basis of algebra.
Addition
Before we begin to understand the addition of algebraic expressions, we need to list out a few things that form the basis of algebra.
Enter as a dollar amount accurate to the nearest cent.
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