The long-run supply curve for a particular type of kitchen knife is a horizontal line at a price of
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:
QD = 50 – 2P
Where QD is the quantity of knives demanded (in millions per year) and P is the price per knife (in dollars).
a) What is the equilibrium output of knives?
b) If the government imposes a tax of $1 per knife, what is the quantity demanded?
Price: $2.99
Answer: The solution file consists of 1 page
Deliverables: Word Document
Deliverables: Word Document
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