The table gives the demand and supply schedules for chocolate brownies. Price Quantity Quantity (cents per demanded

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The table gives the demand and supply schedules for chocolate brownies.

Price Quantity Quantity

(cents per demanded supplied 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 bought?

b. If sellers are taxed 20¢ a brownie, what is the price? How many are sold? Who pays the tax?

c. If buyers are taxed 20¢ a brownie, what is the price? How many are bought? Who pays the tax?

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Economics

ISBN: 125380

10th Edition

Authors: Michael Parkin ,Robin Bade

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Question Posted: Nov 05, 2024 08:00 AM

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The table gives the demand and supply schedules for chocolate brownies. Price Quantity Quantity (cents per demanded

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Economics

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