The Inverse Demand Function Is Given By P = 80 – 3Q And The Inverse Supply Function Is Given By P = 20 + 3Q, Accounting Assignment, UCC, Ireland
| University | University College Cork (UCC) |
| Subject | Accounting |
In a market, the inverse demand function is given by P = 80 – 3Q and the inverse Supply function is given by P = 20 + 3Q.
1. Find the market equilibrium P and Q when there is no tax.
2. Assume now that there is a per-unit tax t imposed on suppliers.
3. What is the equilibrium quantity?
4. What is the equilibrium price?
5. What is the consumer tax burden?
6. What is the supplier tax burden?
If the per-unit tax imposed on suppliers is t = 18, compute the equilibrium price, quantity and tax revenue in the market. (then graph it! )
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