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Determine the equilibrium price and quantitiy

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Reference no: EM132136954

Suppose demand and supply are given by:

Qdx = 14 - 0.5 Px and Qsx = .25 Px - 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?

Reference no: EM132136954

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