(See Solution) The long-run supply curve for a particular type of kitchen knife is a horizontal line at a price of $3 per knife. The demand curve for such
Question: The long-run supply curve for a particular type of kitchen knife is a horizontal line at a price of $3 per knife. The demand curve for such a kitchen knife is:
Q D = 50 – 2P
Where Q D is the quantity of knives demanded (in millions per year) and P is the price per knife (in dollars).
- What is the equilibrium output of knives?
- If the government imposes a tax of $1 per knife, what is the quantity demanded?
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