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Determine the equilibrium price and quantity

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Reference no: EM132140756

QXd = 14 - (1/2) PX and QXS = (1/4)PX - 1

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?

Reference no: EM132140756

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