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A solve for the original market clearing price p and

D: Q = 50 - 2P

S: Q = 5 + 2P

t= .25 or 25 %

Impose an ad valorem tax

a) Solve for the original market clearing price P* and quantity Q*

b) Calculate price elasticity of demand at the initial price, P*

c) Calculate the price elasticity of supply at the initial price, P*

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Business Economics: A solve for the original market clearing price p and

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