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Suppose the demand for plastic grocery bags is given by = 270 30, and the supply is given by = 15 + 240. 1. Calculate

Suppose the demand for plastic grocery bags is given by = 270 30, and the supply is given by = 15 + 240. 1. Calculate the equilibrium price and quantity and show them on a supply and demand diagram. 2. Suppose the government levies a $0.50 tax for each plastic bag. Draw this on the diagram and calculate the new equilibrium price and quantity.

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