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The Inverse Demand Function for Grapefruit Is Defined by the Equation

question 7

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The inverse demand function for grapefruit is defined by the equation p = 122 - 4q, where q is the number of units sold.The inverse supply function is defined by p = 8 + 2q.A tax of $12 is imposed on suppliers for each unit of grapefruit that they sell.When the tax is imposed, the quantity of grapefruit sold falls to

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Definitions:

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The quantity of production or consumption that maximizes efficiency or utility under given constraints.

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