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calculating the equilibrium price and quantity of gasoline.

The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find out the initial equilibrium price and the quantity in the market for gasoline. Next, assume that the government places a $1 per gallon tax on gasoline. Using the equations, find the new equilibrium price and quantity in the market for gasoline.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M920802

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