Provide an appropriate response.Suppose the supply and demand equations for a manufacturer's product are
and
respectively, where q represents number of units and p represents price per unit in dollars. Determine (a) the equilibrium quantity; (b) the equilibrium price. If a tax of $1.00 per unit is imposed on the manufacturer, (c) determine the new equilibrium quantity; (d) the new equilibrium price.
What will be an ideal response?
(a) | 160 units | (b) | $10.80 | (c) | 140 | (d) | $11.20 |
Mathematics
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