Given the following information QD = 240-5p QS = P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price. Suppose that the government decides to impose a tax of $12 per unit on sellers in the market. Determine Demand an Supply equation after the tax

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.