Determine the equilibrium price and quantity, Microeconomics

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Determine the equilibrium price and quantity

QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1

a. Determine the equilibrium price and quantity. Show the equilibrium graphically.

b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.

Equilibrium price: $

Equilibrium quantity:

c. How much tax revenue does the government earn with the $12 tax?

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Microeconomics: Determine the equilibrium price and quantity

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Microeconomics: Determine the equilibrium price and quantity

Reference No:- TGS039619

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Corporations tax basis in the property

Q : Determining interest rate on debt

Q : List the most important deficiencies in the acquisition

Q : Expense under the fair value method

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Q : What is the total price

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Determine the equilibrium price and quantity

Reference No:- TGS039619

Recent Questions Asked Microeconomics

Q : Corporations tax basis in the property

Q : Determining interest rate on debt

Q : List the most important deficiencies in the acquisition

Q : Expense under the fair value method

Q : Determine the equilibrium price and quantity

Q : What is the total price

Q : Calculate the uniform annual cost

Q : Total long-term liabilities reported on balance sheet

Q : Future value of investment cash flows six years

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