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Suppose that instead of a supply-demand diagram, you are given the following information:
Qs = 100 + 3P
Qd = 400 - 2P
From this information compute equilibrium price and quantity. Now suppose that a tax is placed on buyers so that
Qd = 400 - 2(P + T).
If T = 15, solve for the new equilibrium price and quantity. (Note: P is the price received by sellers and P + T is the price paid by buyers.) Compare these answers for equilibrium price and quantity with your first answers. What does this show you?
Hierarchy
Hierarchy is a system in which members of an organization or society are ranked according to relative status or authority.
Consistency
The quality of maintaining uniformity, coherence, and reliability in actions, processes, or results over time.
Editing
The process of reviewing, correcting, and preparing written or multimedia material for publication or presentation.
Conventional System
A traditional or widely accepted method, tool, or approach used for a specific purpose or activity.
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