Scenario 8-3
Suppose the market demand and market supply curves are given by the equations: 
-Refer to Scenario 8-3. Suppose that a tax of T is placed on buyers so that the demand curve becomes: 
What price will sellers receive and what price will buyers pay after the tax is imposed?
Definitions:
Six Months
A period of time equivalent to half a year.
Compounded Semi-Annually
Interest calculation method where the interest is added to the principal amount twice per year, increasing the total amount of interest earned over time.
End-Of-Month Loan Payments
Payments that are made at the end of each month towards the repayment of a loan.
Retirement Account
A financial account designed specifically for savings, investment, and accumulation of money for retirement.
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