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Find the the new consumer price after the imposition of tax

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Reference no: EM131574624

Question - Consider the following original demand-supply functions, where:

Demand: P = 65 - Q

Supply: P = 15 + Q

1. Original equilibrium price is?  

2. Original equilibrium quantity is?  

Further consider a tax of 5 per unit of output and a new supply function:

3. The new consumer price after the imposition of tax is?  

4. The new quantity after the imposition of tax is?

Reference no: EM131574624

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