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These next five problems consider tax incidence. Suppose the market supply and demand for guitars in Happy Valley are given by: Demand: P = 1000

These next five problems consider tax incidence. Suppose the market supply and demand for guitars in Happy Valley are given by:

Demand: P = 1000 - 0.25Q

Supply: P = 200 + Q

What is the equilibrium price and quantity of the product?

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