Advanced analysis) The equations for the demand and supply curves for a particular product are P = 10 0.4Q and P = 2 + 0.4Q, where P is price and Q is quantity expressed in units of 100. After an excise tax is imposed on the product, the supply equation is P = 3 + 0.4Q. The excise tax on each unit of the product

Multiple Choice

• cannot be determined with the information given.
• is $2.
• is $3.
• is $1.