1429 Code Solved Assignment 1 Question 3 | AIOU Code 1429 Solved Assignment 1 Spring 2023
1429 Code Solved Assignment 1 Question 3 | AIOU Code 1429 Solved Assignment 1 Spring 2023
Question:
in a certain marketplace the demand and supply functions for a commodity are as follows: D: p = 100–5q (20)
S: p = 20 + 4q
i) What are the initial equilibrium price and quantity?
ii) Assume an imaginative advertising campaign shifts the demand function two places to the right. Sketch the initial demand and supply functions. Sketch the new demand function. Find the new equilibrium price and quantity.
iii) Assume that a tax of $1 per unit is levied on the seller. What will be the effect on the supply function? Depict the situation graphically. Determine the new equilibrium price and quantity.
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