Consider the following demand and supply functions. Demand: D(p) = q = 182 – 12p and Supply: S(p) = q = 45 + 14p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent) Equilibrium Quantity (Round your answer to the nearest whole number) b.) Assume there is a 15% tax on the consumer, find the new equilibrium price and quantity. New equilibrium price (Round your answer to thể nearest cent)

Consider the following demand and supply functions. Demand: D(p) = q = 182 – 12p and Supply: S(p) = q = 45 + 14p a.) Assume there are no taxes imposed. Find the equilibrium price and quantity. Equilibrium Price (Round your answer to the nearest cent) Equilibrium Quantity (Round your answer to the nearest whole number) b.) Assume there is a 15% tax on the consumer, find the new equilibrium price and quantity. New equilibrium price (Round your answer to thể nearest cent)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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