Suppose supply is P = 40 + Q while demand is P = 70 – Q/2. Find the equilibrium price and quantity. Suppose buyers must pay a tax of T = 12/unit.
Suppose supply is P = 40 + Q while demand is P = 70 – Q/2. a. Find the equilibrium price and quantity.Determine the quantity exchanged, and prices for buyers and sellers.c. How is the tax burden split between buyer and seller?
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