Question: Class Tests (Summative) 2021-2022 > M4SS Test 1 - 16th December 2021 - 11am Question 4 Not yet answered Marked out of 3.0 Flag question

Class Tests (Summative) 2021-2022 > M4SS Test 1 - 16th December

Class Tests (Summative) 2021-2022 > M4SS Test 1 - 16th December 2021 - 11am Question 4 Not yet answered Marked out of 3.0 Flag question The supply and demand equations for an item, which is a normal good, are shown below, with price (in f) represented by P and quantity by Q: 6P - 30 = 10 2P + 30 = 30 a) Which equation represents demand? b) Find the equilibrium price. Answer by typing a number into the box below: Equilibrium price is E c) A fixed tax of E3 per item is imposed by government. Find the new equilibrium price, to the nearest penny. Answer by typing a number (accurate to 2 decimal places) into the box below: New equilibrium price is E Previous page Next page Jump to . . Upload Work/Notes - 16th December 2021 - 11am A G MacBook Air 80 Q Dil DD 40) F4 F9 F 10 % %

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