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Suppose the demand curve in a market is given by P = 1000 5Q. Recall that the demand curve represents consumers' willingness to pay--for each
Suppose the demand curve in a market is given by P = 1000 5Q. Recall that the demand curve represents consumers' willingness to pay--for each quantity, the price on the demand curve is the maximum price at which the market will demand (at least) that quantity. If the government imposes a 20 dollar tax per unit on consumers, how much are consumers willing to pay to purchase 73 units
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