Solved by a verified expert :Suppose that a market is decribed by the following supply and demand equation:Qs = 2PQd = 300 -Pa. 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 isQd = 300 – (P +T)Solve for the new equilibrium. What happens to the price received by the sellers, the pricepaid by uyers, and the quanity sold.
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