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Consider the market for widgets, which is perfectly competitive market. Demand is given by QD = 240 - P. Supply is given by QS = 120.
a. Find the equilibrium quantity and price in this market.
b. Suppose the government imposes a tax of t = $20 on each widget sold. How many widgets are sold after the tax is imposed? What price do consumer pay? What price do producers receive?
c. Who bears a larger part of the burden of the tax, consumers or producers? Briefly explain the intuition for why this is the case.
This means “to let the decision stand” and is used by courts to make consistent judgments.
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