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2. Let market supply be Q = 10.2 +0.25p and market demand be Q = 15.6 - 0.5p. Algebraically solve for the after-tax equilibrium price
2. Let market supply be Q = 10.2 +0.25p and market demand be Q = 15.6 - 0.5p. Algebraically solve for the after-tax equilibrium price and quantity in the corn market if a specific tax of t = $3.00 is applied to customers. The after-tax equilibrium price is P =$ (Enter your response rounded to two decimal places.) The after-tax equilibrium quantity is units. (Enter your response rounded to two decimal places.)
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