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provide full graph and detailed solution. Market for Cigarettes and the Sin Tax Law. Given the table below, plot the Demand and Supply Curves for
provide full graph and detailed solution. Market for Cigarettes and the Sin Tax Law. Given the table below, plot the Demand and Supply Curves for cigarettes in the Philippines in November 2012. Price (Pesos) 10 20 30 40 50 60 Quantity Demanded (packs) 200 160 120 80 40 0 Quantity Supplied (packs) 0 60 120 180 240 300 Answer the ff: 1) Find the equilibrium point. 2) The government passed a sin tax law in December 2012, imposing an additional tax on cigarettes to curb consumption. Suppose that after the tax, the price of cigarettes has become Php 50 per pack. Show what happens to the Demand and Supply of cigarettes after the imposition of the sin tax
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