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    gloriawee's Avatar
    gloriawee Posts: 1, Reputation: 1
    New Member

    Apr 2, 2012, 07:43 PM
    economics post questions
    Guys I am stumped I just can't figure this out! Help! And explain please!

    Suppose the demand curve for a good is given by the equation P = 200 - 1/2 Q and the supply curve is given by the equation P = 50 + 1/4 Q, where P represents the price of the good (measured in dollars per unit) and Q represents the quantity of the good.(measured in units per week).

    (I) Find the equilibrium price and quantity for this market.
    (ii) Suppose quantity demanded for the good rises by 10 units at every possible
    price while at the same time quantity supplied rises by 5 units at every possible
    price. Find the new equilibrium price and quantity in this market.
    (iii) Given the change in demand, how large would the rise in supply need to be
    (given the same 10 unit rise in demand) in order for the price to decrease instead
    of increasing as in part (iii)?
    (iv) Suppose the government imposes a sales tax of $9 per unit on this good. Find
    the new formula for the demand curve, the new equilibrium quantity, the posttax
    price received by suppliers, and the post-tax price paid by demanders.

    As in what? Any ideas?
    lee440's Avatar
    lee440 Posts: 1, Reputation: 1
    New Member

    Apr 3, 2012, 05:03 PM
    Haha, do you go to QUT? I'm tryna figure out same questions!

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