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Equilibrium price and the equilibrium quanity

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Reference no: EM131447645

Suppose that a market is decribed by the following supply and demand equation:

Qs = 2P

Qd = 300 -P

a. Solve for the equilibrium price and the equilibrium quanity.

b. Suppose that a tax of T is placed on buyers, so the new demand equatioin is  Qd = 300 - (P +T)

Solve for the new equilibrium. What happens to the price received by the sellers, the price paid by uyers, and the quanity sold.

Reference no: EM131447645

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