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Calculate the new quantity demanded

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Reference no: EM132503710

400-18Q=100+12Q? ?300=30Q? ?Q=10? Putting Q in demand function to find prices:

P=400-18∗10

P=400-180

P=220

Total

revenue = Price*Quantity

TR =

220*10 = $2200

1. Suppose that the government impose a tax of 10% on each tin of CORN BEEF sold calculate the new quantity demanded, quantity supplied and the shortage or surplus?

Reference no: EM132503710

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