Gce Model Questions Vol1 2017 Economics Question 27
Practice objective / multiple choice question 27 from the 2017 Gce Model Questions Vol1 Economics examination.
The market for widgets is described by the demand equation \( Q_d = 200 - 5P \) and the supply equation \( Q_s = 20 + 3P \), where \(P\) is the price per widget in pounds and \(Q\) is quantity. The government imposes a specific tax of £5 per unit on sellers. Determine the equilibrium price paid by consumers and the equilibrium quantity after the tax (round to two decimal places).
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About This Question
This is Gce Model Questions Vol1 2017 Economics Question 27. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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