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Expression for the tax revenue in terms

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Reference no: EM131285876

On a particular product, government economists determine that the relationship between tax rate t and the quantity consumed q of the product is given by

t=18-3q2 .

  1. Write an expression for the tax revenue in terms of t (t is expressed in percent).
  2. Treating t as your choice variable, maximize this tax revenue function to find the optimal tax rate for the government. (Be sure to check your second-order condition.)

Reference no: EM131285876

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