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1) The table in the next column sets out the demand and supply schedules for chocolate brownies. Price (Cents/Brownie) Quantity Demanded (Millions/Day) Quantity Supplied (Millions/Day)
1) The table in the next column sets out the demand and supply schedules for chocolate brownies.
Price (Cents/Brownie) | Quantity Demanded(Millions/Day) | Quantity Supplied(Millions/Day) |
50 | 5 | 3 |
60 | 4 | 4 |
70 | 3 | 5 |
80 | 2 | 6 |
a. If sellers are taxed 20 cents a brownie, what is the price and who pays the tax? (3 MARKS)
b. If buyers are taxed 20 cents a brownie, what is the price and who pays the tax? (3 MARKS)
Please Answer it Urgently
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