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What is the price paid by consumer and producers

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Consider a product that is fixed on supply QS=4 and the demand for the product is given by QD= 10-2P. The government imposes a unit tax of 2 TL per kg on the consumer.

a) What is the price paid by consumer and producers before the tax and after the tax?

b) Find the total tax burden, burden on consumers and burden on producers.

c) Suppose that supply schedule is changed to QS= 4+P. Redo the above questions and compare the results.

Reference no: EM132489508

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