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1. Consider a perfectl}r competitive market where the mar- ket demand curve is given by Q = 684! and the market supply curve is given
1. Consider a perfectl}r competitive market where the mar- ket demand curve is given by Q = 684!\" and the market supply curve is given by Q = 4 + 2P. In each of the following situations (ae), determine the following items (iviii) i) The quantity sold in the market. ii) The price that consumers pa}.r (before all taxes / subsidies) . iii) The price that producers receive (after all taxes / subsidies) . iv) The range of possible consumer surplus values. v) The range of possible producer surplus values. v1 The government receipts. vii) The not benet. viii) The range of deadweight loss. (a) A market with no intervention. (b) A market with tax T = 3. (c) A market with subsidjj,r S = 6. (d) A market with price ceiling C = 10. (e) A market with price oor F = 13
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