Suppose demand and supply are given by Q_x^d=7- 1/2 P_x and Q_x^s= 1/4 P_x- 1/2a.Determine the equilibrium price and quantity. Show the equilibrium graphically. b.Suppose a $6 excise tax is imposed on the good. Determine the new equilibrium price and quantity.c.How much tax revenue does the government earn with the $6 tax?

The demand and supply functions of a good are given by{ P = 7 QD + 18P = −13 QS + 40where P denotes the price, QD the quantity demanded and QS the quantitysupplied.(a) Determine the equilibrium price and quantity.(b) Sketch the demand and supply functions on the same graph. Label theaxes and the intercepts clearly.

Let QD = 80 − 20P be the demand function for cigarettes and let QS =10P − 10 be the supply. Suppose the government introduces a specific tax of τ = 1 to belevied on the producers• Obtain the new supply curve.• Determine the equilbrium quantity and price under the tax.• Compute the government revenue.• Compute the incidence (burden) on the consum

Consider a market with demand curve 𝐷 = 25 − 3𝑝 and supply curve 𝑆 = −4 + 4𝑝. The unit of price is dollar. (a) Find the competitive equilibrium. (b) Compute consumer surplus and producer surplus at the equilibrium. (c) The government decides to impose a tax of $2 per unit. Compute the competitive equilibrium with the tax. (d) Compute consumer surplus, producer surplus and tax revenue at the new equilibrium.

The demand and supply functions for different firms are given belowi) Qd = 200 – 2PQs= - 20 + 2Pii) Qd = 51 – 3PQs = -4 +8PDetermine the equilibrium price and equilibrium quantity for each firm

In a competitive market the demand curve is given by P = 120–2q and supply by P = q. What are the equilibrium price and quantity traded?Group of answer choicesP* = 60, q* = 60P* = 40, q* = 80P* = 40, q* = 40P* = 20, q* = 40None of the above.