The data in the table below are for kilos of prawns. Price $21 23 25 27 29 31 33 Quantity Demanded 255 235 215 195 175 155 135 Quantity Supplied (before tax) 195 205 215 225 235 245 255 Quantity Supplied (after tax) a) What is the present equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: [ W b) Complete the Quantity Supplied (after tax) that results. c) What will be the new equilibrium price and quantity? New equilibrium price: $ Suppose that the government introduces a $6 excise tax on praw New equilibrium quantity:

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.