Wednesday
April 16, 2014

Homework Help: Economic

Posted by Dina on Sunday, April 11, 2010 at 9:43pm.

The market for Good X can be depicted with the following demand and supply equations:
Demand: P = 50 1/2Q
Supply: P = 1/3Q
Where P is price per unit and Q represents quantity in units. Policy makers plan on imposing a $1 per unit tax on this good.
Question: ( Market for Good X) If this tax is imposed, the price of Good X will increase by:
A) $20.
B) $0.60.
C) $1.00.
D) $1.50.

I don't how to solve?

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