Team ECONOMICS I Need Help!

da703trailblaza

da703trailblaza

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Joined
Apr 4, 2004
Sorry for the homework help but I'm at my wits end. I can't figure out how to find equilibrium sales tax prices. All I have is S(Pminus)=50 + Pminusand D(P+)=370 -3p+ and sales tax of 20%

thanks for the help.
 
I just took Econ for entrepreneurs and macro last semester and for some reason don't remember this
 
Can you list the terms? It'd prob be easier to solve.

S= ?
P-= ?
p+= ?
D= ?

been a long time but I think it's just simple algebra once you know the terms.
 
Originally Posted by wawaweewa

Can you list the terms? It'd prob be easier to solve.

S= ?
P-= ?
p+= ?
D= ?

been a long time but I think it's just simple algebra once you know the terms.
Click to expand...
Thats the problem. I don't have S P- P+ or D. I could solve it easily if I could. Is there some method I could use to find it? My professormight have stated what it was in class, but at 9 am I'm still half asleep. Also does anybody remember what A and B is? It's almost like a foreignlanguage, since the variables are slightly different.
 
Are there similar problem in your textbook?

Diff prof's like to use diff symbols but it may be that S= supply , D= demand, P= tag price (pre tax price)
 
No its a handout, its not graded but I still want to try. Problem 2 is S(P-) = 50 + 3P- D(P+) = 370 - P+ with sales tax of 20% I need to calculate theequilibrium buyer's and seller's price w/ tax and w/o tax.
 
If S= supply and D= demand, you simply set supply to demand getting 50 + P = 370 - 3P => 4P = 320 => P = $80 per unit => $80 @ 20% sale tax = $16 insales tax per unit. With that said, I don't know what P- and P+ denote? P - sales tax and P + sales tax? This would make sense since sales tax isusually passed on to the consumer (demand side of the market equilibrium), so maybe the supply side P = $64 and the demand side P = $96
 
Originally Posted by mustbefire

If S= supply and D= demand, you simply set supply to demand getting 50 + P = 370 - 3P => 4P = 320 => P = $80 per unit => $80 @ 20% sale tax = $16 in sales tax per unit. With that said, I don't know what P- and P+ denote? P - sales tax and P + sales tax? This would make sense since sales tax is usually passed on to the consumer (demand side of the market equilibrium), so maybe the supply side P = $64 and the demand side P = $96
Click to expand...

thank you i feel like an idiot now. P+ it total price (including tax) P- is price without tax.
 
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