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Please help ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252 HW - Market Equil. and Policy Saved 28 The table below presents the annual market for sofas in Akron, Ohio. Suppose the

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ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252 HW - Market Equil. and Policy Saved 28 The table below presents the annual market for sofas in Akron, Ohio. Suppose the state government imposes a $200 excise tax on every sofa sold to be paid by customers at the point of sale. Market for Sofas Price Quantity of Sofas dollars Quantity of Sofas Demanded Quantity of Sofas Demanded with Supplied $1, 240 Excise Tax 190 290 points 90 1, 180 220 270 120 1, 120 250 250 150 1, 060 280 230 180 1000 310 210 210 940 340 Print 190 880 370 240 170 270 820 400 150 760 300 430 130 330 700 460 110 360 a. Before the excise tax is imposed, what are the equilibrium price and quantity of sofas in Akron? $1,180 and 250 sofas $1,200 and 280 sofas $1,000 and 210 sofas $1,120 and 250 sofas b. Including the excise tax, what is the new equilibrium price consumers pay for sofas after the tax Is imposed? $1,120 O $1,000 $1,200 O $800 c. After the excise tax is imposed, what is the new equilibrium quantity of sofas? 190 sofas 230 sofas O 250 sofas 210 sofas d. How much tax revenue does the excise tax on sofas raise per year in Akron? $4,200 $42,000 O $42 O $420

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