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Suppose the gasoline market supply is S = 2P, and the market demand is D=12-2P. Please find out the market equilibrium price(Y) and quantity (barrel).
Suppose the gasoline market supply is S = 2P, and the market demand is D=12-2P. Please find out the market equilibrium price(Y) and quantity (barrel). If the government imposts a Y1 tax on each barrel gasoline, how much will the consumer and firm share the burden of the taxation
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