Question : Supply and demand. To be sure that everyone has a : 5005

Supply and demand. To be sure that everyone has a full understanding of how to solve supply and demand problems, our first discussion will be a supply and demand problem. Provide a step by step solution to the following problem: That the case of the machine tool industry in a closed economy. The market begins in equilibrium. The government imposes 10% VAT tax on all producers of machine tools. Provide a step-by-step explanation of the changes in the machine tool market as a result of the tax. Remember that the order of events is important.