Neco Model Questions Vol1 2019 Economics Question 47
Practice objective / multiple choice question 47 from the 2019 Neco Model Questions Vol1 Economics examination.
The market for a good is described by the demand equation \(P = 200 - 2Q\) and the supply equation \(P = 20 + Q\). The government first imposes a specific tax of \(\text{₦}50\) per unit on consumers. Subsequently, it adds a 10 % ad valorem tax on producers. Assuming both taxes are levied simultaneously, find the new equilibrium quantity and the total tax revenue collected (in naira, rounded to the nearest naira).
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About This Question
This is Neco Model Questions Vol1 2019 Economics Question 47. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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