7. Suppose demand and supply are given by a. Determine the equilibrium price and quantity. Show the...
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7. Suppose demand and supply are given by
a. Determine the equilibrium price and quantity. Show the equilibrium graphically.
b. Suppose a $6 excise tax is imposed on the good. Determine the new equilibrium price and quantity.
c. How much tax revenue does the government earn with the $6 tax?
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