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Mathematics, 11.02.2020 22:27 jocelynkissinge

Suppose that in a certain market the demand function for a product is given by 75p + q = 1500 and the supply function is given by 150p − q = 675. (Assume price is measured in dollars.) Then a tax of $0.50 per item is levied on the supplier, who passes it on to the consumer as a price increase. Find the equilibrium price and quantity after the tax is levied.

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Suppose that in a certain market the demand function for a product is given by 75p + q = 1500 and th...

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