Computing equilibrium price-quantity

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Reference no: EM1366808

Use the following supply and demand functions to answer the questions below:

Qd = 20-2P, Qs = 5+3P

a. Determine the equilibrium price and quantity and illustrate with a graph.

b. The government imposes a tax of $5.00. Find the new equilibrium price and quantity.

c. Determine the total tax revenue earned by the government

Reference no: EM1366808

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