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{"ops":[{"attributes":{"bold":true},"insert":"Q: The demand and supply equations for a product are:"},{"insert":"\n\u00a0\u00a0\u00a0\u00a0\u00a0"},{"attributes":{"bold":true},"insert":"\u00a0\u00a0\u00a0\u00a0Q"},{"attributes":{"bold":true,"script":"super"},"insert":"d"},{"attributes":{"bold":true},"insert":"= 300 \u2014 6P and Q"},{"attributes":{"bold":true,"script":"super"},"insert":"s"},{"attributes":{"bold":true},"insert":"= -40 + 6P."},{"insert":"\n"},{"attributes":{"bold":true},"insert":"Determine the market equilibrium and draw graphs."},{"attributes":{"list":"bullet"},"insert":"\n"},{"attributes":{"bold":true},"insert":"Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain."},{"attributes":{"list":"bullet"},"insert":"\n"},{"attributes":{"bold":true},"insert":"Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus, and deadweight loss"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\n"}]}

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