Weekly inverse demand function is p296-7q weekly inverse


Weekly inverse demand function is P=296-7Q, weekly inverse supply function is P=17+2Q. Find equilibrium price & quantity & solve for consumer & producers surplus. Then tax of $27 per equanimity is collected by supplier, solve for new consumer and supplier price. Calculate change in both, consumer & producer’s surplus, the tax incidence incurred by each and deadweight loss. Draw diagram illustrating before -tax and after tax scenarios.

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Business Economics: Weekly inverse demand function is p296-7q weekly inverse
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