question archive Suppose the market demand for milk is [Math Processing Error]Qd=40−4P, where [Math Processing Error]Qd is millions of gallons demanded and [Math Processing Error]P is the price per gallon
Suppose the market demand for milk is [Math Processing Error]Qd=40−4P, where [Math Processing Error]Qd is millions of gallons demanded and [Math Processing Error]P is the price per gallon
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Suppose the market demand for milk is [Math Processing Error]Qd=40−4P, where [Math Processing Error]Qd is millions of gallons demanded and [Math Processing Error]P is the price per gallon. Suppose the market supply for milk is [Math Processing Error]Qs=−40/3+20/3P
a. What is the equilibrium price?
b. Suppose a tax of $1 per gallon of milk is imposed in this market. What is the new price paid by consumers?
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