The data in the table below are for kilos of prawns. Quantity Supplied (before tax) Price $19 21 23 25 27 29 31 Quantity Demanded 245 225 205 185 165 145 125 185 195 205 215 225 235 245 Quantity Supplied (after tax) a) What is the present equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: b) Complete the Quantity Supplied (after tax) that results. c) What will be the new equilibrium price and quantity? New equilibrium price: $ New equilibrium quantity: Suppose that the government introduces a $6 excise tax on prawns.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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The data in the table below are for kilos of prawns.
Quantity Supplied
(before tax)
Price
$19
21
23
25
27
29
31
Quantity
Demanded
245
225
205
185
165
145
125
185
195
205
215
225
235
245
Quantity Supplied
(after tax)
a) What is the present equilibrium price and quantity?
Equilibrium price: $
Equilibrium quantity:
b) Complete the Quantity Supplied (after tax) that results.
c) What will be the new equilibrium price and quantity?
New equilibrium price: $
New equilibrium quantity:
Suppose that the government introduces a $6 excise tax on prawns.
Transcribed Image Text:The data in the table below are for kilos of prawns. Quantity Supplied (before tax) Price $19 21 23 25 27 29 31 Quantity Demanded 245 225 205 185 165 145 125 185 195 205 215 225 235 245 Quantity Supplied (after tax) a) What is the present equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: b) Complete the Quantity Supplied (after tax) that results. c) What will be the new equilibrium price and quantity? New equilibrium price: $ New equilibrium quantity: Suppose that the government introduces a $6 excise tax on prawns.
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