Calculate the equilibrium price and quantity in this market

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The demand for football tickets is given by Q = 360 – 10P, and the supply of football tickets is given by Q = 20P (where P and Q are the market price and quantity respectively). i. Calculate the equilibrium price and quantity in this market. b. Now suppose that a $4 unit tax is imposed on sellers of football tickets. i. Calculate the new equilibrium price and quantity in the market for football tickets. ii. How much of the $4 unit tax is paid by the buyers? iii. How much of the $4 unit tax is paid by the sellers? [3 points] iv. How much revenue does government collect from that tax?

Reference no: EM131385503

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