Will rate high! Suppose supply and demand are given by Q d x = 7-1/2P x andQ s x

Question

Will rate high! Suppose supply and demand are given by Qdx=7-1/2Px andQsx=1/4Px-1/2 a. Determine the equilibrium price and quantity. Show theequilibrium graphically b. Suppose a $6 excise tax is imposed on the good. Determinethe new equilibrium price and quantity c. How much tax revenue does the govt. earn with the $6tax? Will rate high! Suppose supply and demand are given by Qdx=7-1/2Px andQsx=1/4Px-1/2 a. Determine the equilibrium price and quantity. Show theequilibrium graphically b. Suppose a $6 excise tax is imposed on the good. Determinethe new equilibrium price and quantity c. How much tax revenue does the govt. earn with the $6tax?

Explanation / Answer

for getting the equlibriumequal the both equations

so

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