0605. (i) Consider the inverse demand function for man
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0605. (i) Consider the inverse demand function for mangos, which is defined by the equation p = 91 â€“ 5q, where
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0605. (i) Consider the inverse demand function for mangos, which is defined by the equation p = 91 â€“ 5q, where q is the number of crates that are sold. the inverse supply function is defined by p = 3 + 6q. In the past there was no tax on mangos but now a tax of $44 per crate has been imposed. a) What is equilibrium price and quantity before the tax? b) What is equilibrium price and quantity after the tax? c) Who bears the burden of this tax?
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