Neco Model Questions Vol1 2017 Economics Question 6
Practice objective / multiple choice question 6 from the 2017 Neco Model Questions Vol1 Economics examination.
The market for a certain good is described by the demand equation \(Q_d = 120 - 2P\) and the supply equation \(Q_s = 20 + P\), where \(P\) is the price in naira and \(Q\) is quantity in thousands of units. The government imposes a specific tax of ₦10 per unit on this good. Calculate (a) the tax revenue collected, and (b) the loss in consumer surplus resulting from the tax. Give your answers to two decimal places.
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About This Question
This is Neco Model Questions Vol1 2017 Economics Question 6. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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