Suppose that in a certain market, the demand function for a product is given by and the supply function is given by , where p is the price per unit in dollars and q is the quantity produced. If the government levies a tax of $7 per item on the supplier, who passes the tax on to the consumer as a price increase, find the equilibrium price and quantity after the tax is levied. Round q to the nearest whole number and round p to one decimal place.

Question

Suppose that in a certain market, the demand function for a product is given by  and the supply function is given by  , where p is the price per unit in dollars and q is the quantity produced. If the government levies a tax of $7 per item on the supplier, who passes the tax on to the consumer as a price increase, find the equilibrium price and quantity after the tax is levied. Round q to the nearest whole number and round p to one decimal place. ​

Quizplus · Accepted Answer

The Answer of Suppose that in a certain market, the demand function for a product is given by  and the supply function is given by  , where p is the price per unit in dollars and q is the quantity produced. If the government levies a tax of $7 per item on the supplier, who passes the tax on to the consumer as a price increase, find the equilibrium price and quantity after the tax is levied. Round q to the nearest whole number and round p to one decimal place. ​

Suppose That in a Certain Market, the Demand Function for a Product