247. Suppose that in a certain market, the demand function for a product is given by and the supply function is given by , where is the price per unit in dollars and is the quantity produced. If the government levies a tax p q of $7 per item on the supplier, who passes the tax on to the consumer as a price increase, find the equilibrium price and quantity after the tax is levied. Round to the nearest whole number and round to one decimal q p place.
247. Suppose that in a certain market, the demand function for a product is given by and the supply function is given by , where p is the price per unit in dollars and q is the quantity produced. If the government levies a tax of $7 per item on the supplier, who passes the tax on to the consumer as a price increase, find the equilibrium price and quantity after the tax is levied. Round q to the nearest whole number and round p to one decimal place.
Test-Bank-for-Mathematical-Applications-for-the-Management-Life-and-Social-Sciences-11th-Edition-by-Harshbarger.docx