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1.) The market demand for a product is Q = 320 - 8P, and the market supply is Q = -40 + 16P (where Q

1.) The market demand for a product is Q = 320 - 8P, and the market supply is Q = -40 + 16P (where Q is quantity and P is price). What are equilibrium price and quantity?

2.) Find the Price Elasticity of Demand and Price Elasticity of Supply.

3.) Suppose the government imposes a $1 tax per unit. What is the tax burden on consumers relative to suppliers?

4.) What is the actual tax burden on suppliers?

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