00:01
Alright, so to get our equilibrium price of quantity, we need to set our quantity supplied equal to our quantity demanded.
00:08
This is going to be 2p is equal to 300 minus p.
00:13
This is going to give us that p is equal to 100.
00:17
And if we substitute this back into one of our original equations, we're going to get that q is equal to 200.
00:25
Therefore, for our equilibrium, the price is $100 and that is a quantity of 200.
00:35
For b, with the tax on buyers, our new demand is going to become 300 minus p plus t.
00:46
To find our new equilibrium, we need to take this and set it equal to 2p.
00:54
Substituting this in, we're going to get that p is equal to 300 minus t divided by 3.
01:02
And then we can substitute this in to get our quantity of our supply is equal to 600 minus 2t divided by 3 for our new equilibrium quantity.
01:21
Then for c, our tax is calculated by multiplying our tax rate by our quantity sold with our tax...