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Suppose a market is characterized by the following: Q D=300-3P Q S=-60+3P A) Determine the equilibrium price and quantity.
Suppose a market is characterized by the following: Q D=300-3P Q S=-60+3P A) Determine the equilibrium price and quantity. (10 marks) B) Solve for the equilibrium price and quantity when a per-unit tax of 3 is imposed on buyers. (10 marks) C) Now suppose the tax is imposed on sellers instead of buyers. What is the equilibrium price and quantity? (10 marks) D) Determine the relative level of tax burden borne by consumers and producers in parts B) and C). Determine the level of deadweight loss associated with the tax and explain what it represents. (10 marks)
