*5 The table gives the demand and supply schedules for chocolate brownies in the United Kingdom. Price...

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*5 The table gives the demand and supply schedules for chocolate brownies in the United Kingdom. Price Quantity Quantity (pence demanded supplied per brownie) (millions per day) 50 5 3 60 4 4 70 3 5 80 2 6 90 1 7 a If brownies are not taxed, what is the price of a brownie and how many are consumed? b If brownies are taxed at 20 pence each, what is the price and how many brownies are consumed? Who pays the tax?

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Economics

ISBN: 9781509540235

6th Edition

Authors: Michael Parkin, Melanie Powell, Kent Matthews

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