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Question: 1. A competitive market has the demand schedule p = 610 - 3q and the supply schedule p = 20 + 2q. Calculate equilibrium price and quantity.

2. A competitive market has the demand schedule p = 610 - 3q and the supply schedule p = 50 + 4q where p is measured in pounds.

(a) Find the equilibrium values of p and q.

(b) What will happen to these values if the government imposes a tax of £14 per unit on q?

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