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The demand and supply for chocolates can be given by following equations. P=16-0.8Q(Demand) P=2+0.5Q(Supply) 1.Calculate equilibrium price and quantity for this market. 2.If a tax

The demand and supply for chocolates can be given by following equations.

P=16-0.8Q(Demand)

P=2+0.5Q(Supply)

1.Calculate equilibrium price and quantity for this market.

2.If a tax of $4 is imposed on suppliers of this market how would the equilibrium price and output change? How much revenue would be earned by the Government?

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