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1. The supply curve for t-shirt is given by the equation Qs=P/6 where Qs is quantity supplied and P is the price. The demand curve is given by Qd=6-p?3 where Qd is quantity demanded.
i) Calculate the equilibrium price and quantity in this market, and draw the corresponding supply/demand curves.
ii) Suppose the local government imposes a tax of 4.5 per unit on firms selling t-shirts. What are the new equilibrium values for price and quantity?
iii) Now suppose the local government provides a subsidy of 4.5 per unit to firms selling t-shirts. What are the new equilibrium values for price and quantity?
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