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July 28, 2014

Homework Help: economics

Posted by Anonymous on Thursday, October 14, 2010 at 3:55pm.

The following information applies to the market for a particular items in the absence of a unit excise tax:

Price($ per unit) Quantity Supplied Quantity Demanded
4 50 200
5 75 175
6 100 150
7 125 125
8 150 100
9 175 75


According to the information above, in the absence of a unit excise tax, what is the market price? What is the equilibrium quantity?.
Suppose that the government decides to subject producers of this item to a unit excise tax equal to $2 per unit sold. What is the new market price? What is the new equilibrium quantity?
What portion of the tax is paid by producers? What portion of the tax is paid by consumers?

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