Gce Model Questions Vol1 2022 Economics Question 40
Practice objective / multiple choice question 40 from the 2022 Gce Model Questions Vol1 Economics examination.
The market for a good is described by demand \( Q_d = 100 - 5P \) and supply \( Q_s = 20 + 3P \), where \( P \) is price and \( Q \) is quantity.\n(a) Find the equilibrium price and quantity without any tax.\n(b) The government imposes a specific tax of $2 per unit on producers. Determine the new equilibrium price paid by consumers, the equilibrium quantity, the tax revenue collected, and the dead‑weight loss caused by the tax.
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This is Gce Model Questions Vol1 2022 Economics Question 40. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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