The demand and supply curves are given by q=110−2p and q=3p−50, respectively; the equilibrium price is $32 and the equilibrium quantity is 46 units. a sales tax of 7% is imposed on the consumer. (a) find the equation of the new demand and supply curves. enter the exact answer. demand: q= supply: q= (b) find the new equilibrium price and quantity. round your answers to two decimal places. p=$ number q= number units

Consumers will face a price of 33.29 and the equilibrium quantity will be 43.42.

These results illustrate that as a consequence of the tax, the price faced by consumers will be higher, quantity sold be lower, and producers will receive less for their product sale.

Explanation:

In the absence of taxes and .

An ad-valorem tax generates now that

So the new equilibrium is

Replacing in the demand equation we get the equilibrium quantity

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