Question: The supply function for a product is 2p -9 - 10 =0, while the demand function for the same product is (p+ 10)(q +30) =

The supply function for a product is 2p -9 - 10 =0, while the demand function for the same product is (p+ 10)(q +30) = 7,500. If a $22 tax is placed on production of the item, then the supplier passes this tax on by adding $22 to his selling price. Find the new equilibrium point E(q, p) for this product when the tax is passed on. (The new supply function is given by p = 79 + 27.) Round your final answer to two decimal places

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

The supply function for a product is 2p - q - 10 = 0, while the demand function for the same product is (p + 10)(q + 30) = 7200. Find the market equilibrium point?

Suppose the supply function for a product is 2 p q 30 = 0, while the demand function for the same product is ( p + 10)( q + 30) = 8,400. Solve the supply function for q . q = Substitute this value...

Question 4 (20 minutes) The province wishes to improve our environment and accordingly will subsidise your municipality $ 2 for every $1 you spend on sewage facilities up to a maximum of $ 1920. Your...

1. [-/2 Points] DETAILS HARMATHAP12 2.2.031. MY NOTES ASK YOUR TEACHER The monthly profit from the sale of a product is given by P = 16x - 0.1x2 - 100 dollars. (a) What level of production maximizes...

See the following table, which is a segment of what is called a Demand and Supply Schedule. For the purposes of this question, we will assume that the Demand and Supply curves that this data comes...

need these fast 1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick. O C....

PART A ? Questions 1 ? 7 Consider a market where demand is D: P = 30 ? Q and supply is S: P = 0.5Q. Equilibrium quantity Qe is 17 18 19 20 Equilibrium is price Pe $10 $11 $12 $13 Consumer surplus CS...

Solve clearly... Suppose that the demand and supply functions for good x are given as follows: (" =120 -2P, + 1 + P, and Q = -30+ P - 21 + s -2f where P, denotes the price of good x. P, denotes the...

Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $16,000,000...

Determine if each of the following functions is O(x). Answer Y for yes and N for no. 1. f(x) = x + 4000 2. f(x) = 13x + 26 3. f(x) = 13 4. f(x) = 2" 5. f(x) = x log(x)

E2.10 One of the beneficial applications of an automotive control system is the active control of the suspension system. One feedback control system uses a shock absorber consisting of a cylinder...

Four Seasons Company makes snow blowers. 100% of the materials are added at the beginning of the process. This means that beginning and ending inventories are 100% complete with respect to DM. The...