(Answered) Suppose demand and supply are given byqd14-12px and qs

Economics

Suppose demand and supply are given by:

Q(d)=14-1/2Px and Q(s) 1/4Px-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.

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

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