Suppose that a market is described by the following supply and demand equations:

QSS	==	2P2
QDD	==	240P240

The equilibrium price in this market is ? , and the equilibrium quantity is ?

units.

Suppose that a tax of Tis placed on buyers, so the new demand equation is as follows:

QDD

==

240(P+T)240+

The new equilibrium price is80T3803 , and the new equilibrium quantity is1602T316023 .

The price received by sellers increases or decrease , the price paid by buyers increases or decreases , and the quantity sold increases or dcreases