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Compute equilibrium price and quantity

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Reference no: EM132511992

Suppose that instead of a supply-demand diagram, you are given the following Information:

QS= 100+3P

QD=400-2P

(1) Compute equilibrium price and quantity. Now suppose that a tax is placed on buyers so that

QD=400 - (2P+T)

(2) If T=15, solve for the new equilibrium price and quantity.

(3) Compare these answers for equilibrium price and quantity with your first answers. What conclusion can you reach?

Reference no: EM132511992

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