Urgent: Equilibrium Price Calculation
Hello!
Please guide as to how is 'C' the answer for the following question:
(Q) In the market for a good the quantity supplied (QS) and the quantity demanded (QD) are given by QS = P – 30 and QD = 240 – 2P where P = price in dollars.
A change in the tax on the good makes QS = P – 36.
How will the change affect equilibrium price?
A It will fall by $2.
B It will fall by $6.
C It will rise by $2.
D It will rise by $6.
Please guide as to how is 'C' the answer for the following question:
(Q) In the market for a good the quantity supplied (QS) and the quantity demanded (QD) are given by QS = P – 30 and QD = 240 – 2P where P = price in dollars.
A change in the tax on the good makes QS = P – 36.
How will the change affect equilibrium price?
A It will fall by $2.
B It will fall by $6.
C It will rise by $2.
D It will rise by $6.
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