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Find the equilibrium price and quantity

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Reference no: EM132498041

The demand for mineral water is P=10 - (2/3)Q and supply function for mineral water is P=1+(1/3)Q

a) Find the equilibrium price and quantity and Price elasticities of demand and supply.

b) Suppose a unit tax (t) is imposed on suppliers (t= 3TL). Find the new equilbirium.

c) Find the price that consumers pay and the price that producers get after the tax.

d) What is the burden of the tax on producers and consumers and explain how the tax burden is related to elasticities

Reference no: EM132498041

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