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Suppose the wine markets are given by the following Demand and Supply equations:
Suppose the wine markets are given by the following Demand and Supply equations:
QD (per day) = 2698- 54P
QS (per day) = 33P-971
a. Equilibrium
b. if the government imposes a tax of $8 per unit, find the new equilibrium price, What is the government’s tax revenue per day?
c. How much of the $8 tax per unit do consumers pay?
d. How much of the $8 tax per-unit do consumers and producer pay?
Important note: For this question, round all answers at 2 decimal places (if your answer is not a whole number).
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