Perfect Competition Demand and Supply
I have an assignment due and I was just hoping that maybe someboyd could confirm with me my answers.. . The question is:
Demand in a perfectly cometitive market is P=100Q. Supply in that market is P=10+Q. What is the market equilibrium and quantity? Given the price and quantity, what is the consumer surplus, prodcuder surplus and dead-weight loss? If government imposes a $10 per unit sales tax, what is the new equilibrium price and quantity? How much is consumer surplus, producer surplus an dead-weight loss? Thanks you for your help.