Consider a market with a demand curve of p10-q and a supply, Ask an Expert

Economics

Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls to 2.5 units. What is the tax revenue generated?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91273696

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