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Satsume Satsume
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6 years ago
On the planet Economus, there are only two goods in the economy.  One of the goods is econoapples.  The supply of econoapples is:   = 30 + PA -  PS.  The second type of good is the econoseed.  The supply of econoseeds is:   = 60 - PA + PS. The demand for econoapples is:
  = 15 - 2 PA + 4 PS.  The demand for econoseeds is:   = 45 + PA - PS.  Determine the equilibrium price and quantity of each good in the Economus economy.  Suppose the world government of Economus implements a $1 tax on econoapples.  Do econoapple consumers suffer any burden of the tax?  Are econoseed consumers affected by the econoapple tax?  How much tax revenue does the tax policy generate?
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Microeconomics

Microeconomics


Edition: 8th
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oracledarrenoracledarren
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