Change of consumer and producer

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Reference no: EM138779

Q1. Suppose demand and supply are given by
Qd= 7-1/2px and Qs=1/4p-1/2

Determine the equilibrium price and quantity
suppose a $6 excise tax are impose on the good. Determine the New equilibrium price and quantity

Q2. Textiles, inc. and Fabric Corporation enter into a contract for a sale of muslin. the terms do not clearly indicate whether it is destination or shipment contract. a courts would most likely presume that it is?

Q3. How does the change of consumer and producer surplus compared to the tax revenue?

Reference no: EM138779

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