Question

In: Economics

Given the following information QD = 240 - 5P QS = p where QD is the...

Given the following information

QD = 240 - 5P

QS = p

where QD is the quantity demand, QS is the quantity supplied and P is the price. Find:

a) Equilibrium price before the tax.

b) Equilibrium quantity before the tax

c) Buyers reservation price

d)Seller's reservation price

e) Consumer surplus before tax

f)Producer surplus before tax

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