Question
Let supply be described by Q=2P-2 Let demand for Group 1 be described by QDR =10-2P Let demand for Group 2 be described by
Let supply be described by Q=2P-2 Let demand for Group 1 be described by QDR =10-2P Let demand for Group 2 be described by QDL=7-P Find: a) equilibrium price and quantity and total revenue (TR). CS, PS, b) demand and supply elasticities, Now add a $1.00 tax. Find equilibrium price and quantity, CS, PS, tax revenue, TR, and DWL. c) d)
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a To find the equilibrium price and quantity set supply equal to demand and solve Q2P2 102P 7P ...Get Instant Access to Expert-Tailored Solutions
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International Economics
Authors: Dominick Salvatore
11th edition
978-1118177938, 1118177932, 1119915732, 978-1118476017, 1118476018, 978-1119915737
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