Find the consumer-producer and total surpluses

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Consider the following market QD= 15-2P   QS= 5P-2.5, with the government imposing a tax of 1.4 dollars per unit

a. Find the consumer, producer and total surpluses.

b. What is the tax burden for each of the market participant? (Through a previous problem, I figured that the tax revenue TR is 11.2, consumer price is 16, and producer price is 6.4).

Reference no: EM131099426

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