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(a) Consider the demand and supply curves D = 240 1P, S = 2P 30. Find the equilibrium price P*, and the corresponding quantity Q.

(a) Consider the demand and supply curves D = 240 1P, S = 2P 30. Find the equilibrium price P*, and the corresponding quantity Q". %3D

(b) Suppose a tax of $4.50 per unit is imposed on the producer. How will this influence the equilibrium price? Compute the total revenue obtained by the producer before the tax is imposed (R*) and after (R).

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