Suppose demand and supply are given by
QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1
Instructions: Round your answers to the nearest whole number.
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 much tax revenue does the government earn with the $12 tax?
Answers: 3
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Suppose demand and supply are given by
QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1
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QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1
<...
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