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1. (20%) The demand and supply equations are given as follows: QP = 120 - 8PD Qs = -6+4PS Suppose, the government wants to introduce

1. (20%) The demand and supply equations are given as follows: QP = 120 - 8PD Qs = -6+4PS Suppose, the government wants to introduce a $4.5 excise tax. Use Implicit differentiation to find the impact of this tax on equilibrium price and quantity

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