Answered: Supply fucntion: QS=200P-700 Demand…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Supply fucntion:

QS=200P-700

Demand function:

Qd=3000-100p

If a goverment want to reduce the quantity of units sold to 500, what is the price per unit tax?

Expert Solution

Step 1 INTRODUCTION

Demand and Supply

Demand refers to the quantities of a commodity that the consumers are ready to buy at different possible prices of the commodity. Quantity demanded refers to the specific quantity of a commodity that the buyer is ready to buy at particular prices of that commodity in the market.
Supply refers to the number of commodities the producer is ready to sell at different possible prices. Quantity supplied refers to the specific quantity of a commodity that the seller is ready to sell at specific prices of that commodity in the market.

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