(Answered) Suppose demand and supply are given byqdxnbsp 14

Management Studies

Suppose demand and supply are given by:

Q^d_x= 14 - 0.5 P_x and Q^s_x = .25 P_x - 1

a) Determine the equilibrium price and quantitiy.

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

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

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