The Supply Function for a Product Is , While

question 26

Multiple Choice

The supply function for a product is , while the demand function for the same product is . If a $22 tax is placed on production of the item, then the supplier passes this tax on by adding $22 to his selling price. Find the new equilibrium point E(q, p) for this product when the tax is passed on. (The new supply function is given by .) Round your final answer to two decimal places. ​

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Definitions:

Respiration

The biological process involving the exchange of gases (oxygen and carbon dioxide) between an organism and its environment, facilitating cellular energy production.

Chloride Shift

A cellular exchange process where bicarbonate ions leave red blood cells in exchange for chloride ions, maintaining ionic balance and facilitating carbon dioxide transport in blood.

Buffer

Mixture of an acid and a base that reduces any changes in pH that would otherwise occur in a solution when acid or base is added to the solution.

Hemoglobin

A red protein responsible for transporting oxygen in the blood of vertebrates, giving red blood cells their color.