Identify the quantity and equilibrium price in the market, Macroeconomics

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Identify the quantity and equilibrium price in the market

Assume there is a market that has market demand characterized as: X = 30 - P/3. Assume further that market supply can be written as: X = P/2 - 2. Assume an Ad Valorem Tax (on consumers) of 100/3 percent is imposed on good X. The after-tax demand equation would be: X = 30 - P/2. Now identify the quantity, equilibrium price, and the tax revenue in the market.

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Macroeconomics: Identify the quantity and equilibrium price in the market

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