Neco 2018 Economics Question 22
Practice objective / multiple choice question 22 from the 2018 Neco Economics examination.
The government imposes a specific tax of \(200\) naira per unit on a good. The market demand is \(Q_{d}=5000-5P\) and the supply is \(Q_{s}=2P\), where \(P\) is the price in naira. After the tax, consumers pay price \(P_{c}\) and producers receive \(P_{p}=P_{c}-200\). Determine the total tax revenue collected (in naira) after the market reaches a new equilibrium.
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About This Question
This is Neco 2018 Economics Question 22. It is one of the objective questions from the 2018 Neco Economics examination.
Difficulty level: Medium .
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