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Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of litres of gasoline per month; price

Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of litres of gasoline per month; price is the price per litre (in cents).

Demand:

P=35016Q^D

Supply:

P=140+5Q^S

Given these demand and supply equations, the equilibrium price is 190 cents and the equilibrium quantity is 10.0 million litres

Suppose the government imposes a tax per litre, and as a result the quantity sold is

7.7 million litres. What is the new "consumer price" and what is the new "producer price"?

The new price consumers pay is _____ cents. (Enter your response rounded to the nearest cent.)

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