Consider the following demand and supply functions. Demand: D(p) = q = 188-11p and Supply: S(p) = q = 31+ 13p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) 4. Equilibrium Quantity (Round your answer to the nearest whole number.) I 9. b.) Assume there is a 14% tax on the consumer, find the new equilibrium price and quantity. New Equilibrium Price (Round your answer to the nearest cent.) 9. New Equilibrium Quantity (Round your answer to the nearest whole number.) 4.

Consider the following demand and supply functions. Demand: D(p) = q = 188-11p and Supply: S(p) = q = 31+ 13p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent.) 4. Equilibrium Quantity (Round your answer to the nearest whole number.) I 9. b.) Assume there is a 14% tax on the consumer, find the new equilibrium price and quantity. New Equilibrium Price (Round your answer to the nearest cent.) 9. New Equilibrium Quantity (Round your answer to the nearest whole number.) 4.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter6: Demand And Elasticity

Section: Chapter Questions

Problem 3TY

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