How much of the dollar eight tax per unit do consumers pay

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Problem

Suppose the wine markets are given by the following Demand and Supply equations:

Q_{D (per day)} = 2698- 54P
Q_{S (per day)} = 33P-971

1. Equilibrium
2. If the government imposes a tax of $8 per unit, find the new equilibrium price, What is the government's tax revenue per day?
3. How much of the $8 tax per unit do consumers pay? Get the instant assignment help.
4. How much of the $8 tax per-unit do consumers and producer pay?

Reference no: EM133817494

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