Question
1. Find the market equilibrium point for the following demand and supply functions: Demand: ( p=-2 x+58 ) Supply: ( 3 p-x=34 ) 2. The
1. Find the market equilibrium point for the following demand and supply functions: Demand: \( p=-2 x+58 \) Supply: \( 3 p-x=34 \) 2. The demand and supply functions for a commodity are given as follows: Demand: \( p=-5 x+540 \quad \) Supply: \( p=2 x+170 \) Find the equilibrium price and quantity. If the wholesaler is taxed \( \$ 14 \) per unit sold, what will happen to the equilibrium outcome? 3. Let the demand function be \( x=25-2 p \) and the supply function be \( x=3 p \). What amount of tax per unit would have to be imposed to double the equilibrium price before tax? 4. Let the demand function be \( x=10-2 p \) and the supply be \( x=4 p \). What amount of subsidy per unit would have to be given to half the equilibrium price?
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