On the planet Economus, there are only two goods in the economy. One of the goods is econoapples. The supply of econoapples is:
The second type of good is the econoseed. The supply of econoseeds is:
The demand for econoapples is:
The demand for econoseeds is:
Determine the equilibrium price and quantity of each good in the Economus economy. Suppose the world government of Economus implements a $1 tax on econoapples. Do econoapple consumers suffer any burden of the tax? Are econoseed consumers affected by the econoapple tax? How much tax revenue does the tax policy generate?