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QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1

a. Determine the equilibrium price and quantity. Show the equilibrium graphically.

b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.

Equilibrium price: $

Equilibrium quantity:

c. How much tax revenue does the government earn with the $12 tax?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939619

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