Estimating equilibrium price and quantity

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Reference no: EM1366923

Let supply be given by P=5Q and demand by P=19-2Q.

A.) What would be the equilibrium quantity and equilibrium price?

B.) Suppose the Government imposes a $5 per unit tax on the seller, which equation would be affected and how?

C.) What would be the new equilibrium quantity and price?

Reference no: EM1366923

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