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4. Suppose the government implemented a price ceiling at $3 per cup of coffee . a. Identify the new quantities demanded and supplied and any

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4. Suppose the government implemented a price ceiling at $3 per cup of coffee . a. Identify the new quantities demanded and supplied and any surplus or shortage of coffee . What will the new quantity be in the coffee market ? 5. Suppose the government imposed a $2 tax on the sellers . What would the new equilibrium price and quantity be? What it the total tax paid by the sellers ? By the buyers

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