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Suppose that a market for soccer balls has the following supply and demand equations: Q = 1,400 + 2Y - 70p Q = -1,000 +
Suppose that a market for soccer balls has the following supply and demand equations: Q = 1,400 + 2Y - 70p Q = -1,000 + 80p where O is the amount of balls per month, p is the price of one ball and Y is income. Suppose Y = $300 and the government imposes a tax of $10 per ball on seller. What percent of the tax is borne by consumers, and what is the amount of tax revenue
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