Is demand elastic or inelastic in this price range

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Reference no: EM131072979

Consider the demand curve P = 100-2Q. The supply curve is given by P = 30.

(a) Draw the supply and demand curves to scale and compute the equilibrium price and quantity in this market.

(b) If the government imposes a tax of $10 per unit, draw the new equilibrium and compute the new quantity traded and the amount of tax revenue generated.

Reference no: EM131072979

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