Suppose you are given the following information: Qs =100+3P Qd =400–2P where Qs is the quantity supplied, Qd is the quantity demanded and P is price. a. From this information compute equilibrium price and quantity. b.Now suppose that a tax is placed on buyers so that Qd=400–(2P+T)where T is taxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You are solving for the equilibrium price for sellers and buyers).

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