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Consider a market supply and demand represented by the following: Qs= 4P - 120 and Qd= 1000 - 10P. Use this information to answer the

Consider a market supply and demand represented by the following:

Qs= 4P - 120 and Qd= 1000 - 10P. Use this information to answer the following questions.

a.

Calculate equilibrium price and quantity.

b.

What is the consumer surplus?

c.

If the government imposes an excise tax of $2, what would be the new

equilibrium price, quantity?

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