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This is the equation. X is P = 8 - 0.6Q and the supply curve is P = 2 + 0.4 Q Saved Help ADVANCED

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This is the equation. X is P = 8 - 0.6Q and the supply curve is P = 2 + 0.4 Q

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Saved Help ADVANCED ANALYSIS: Suppose the equation for the demand curve for some product X is P= 8 - 0.6Q and the supply curve is P + 0.4Q. a. What is the equilibrium price? b. What is the equilibrium quantity? c. Now suppose an excise tax is imposed on X such that the new supply equation is P=4 + 0.4Q. How much tax revenue will this excise tax yield the government

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