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1. Suppose the demand and supply curves for a market are QD = 1200 - 4P and Qs = 2P i. Find the equilibrium Price

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1. Suppose the demand and supply curves for a market are QD = 1200 - 4P and Qs = 2P i. Find the equilibrium Price and Quantity. ii. If a sales tax t is imposed find the new equilibrium and the amount of tax revenue. iii. Find the value of t which maximises tax revenue

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