The demand function for the goods Q = 7-p, the supply function Q = -5 + 2p An excise tax of 1.5 was introduced.
| December 6, 2020 | education
The demand function for the goods Q = 7-p, the supply function Q = -5 + 2p An excise tax of 1.5 was introduced. find the new equilibrium price after the tax was introduced.
To find a new equilibrium price, you first need to find the old one. The demand function for the product Q = 7-p, the supply function Q = -5 + 2p In order to find the equilibrium price, we must equate these functions. -5 + 2p = 7-p, 3p = 12, p-4. So Q = 7-4 = 3.
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