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Derive the inverse demand and supply functions

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Reference no: EM132501201

The demand and supply functions of a good are given by QD = -1/3P + 20, QS = 1/2P - 20. respectively.

Derive the inverse demand and supply functions.

Suppose now that the government decides to impose a tax of $t per good (paid by firms to the government).

Write down the equilibrium price and quantity as functions of t.

If it is known that the equilibrium quantity is 3, work out the value of t. How

If, instead of imposing a tax, the government provides a subside of $5 per good (paid to firms by the government), find the new equilibrium price and quantity

Reference no: EM132501201

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