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Consider a market for milk. Its demand curve is P = 10 – Qd, where P is price and Qd is quantity demanded. The supply curve is P = 2Qs, where Qs is the quantity supplied.
a. What is the equilibrium price and equilibrium quantity?
b. What is the price elasticity of demand at the equilibrium?
c. How much is the consumer surplus and producer surplus? Indicate the areas of consumer surplus and producer surplus and calculate the value.
d. Suppose the government imposes a $1 tax on milk, what would be the new equilibrium price and new equilibrium quality?
e. What is the new consumer surplus and producer surplus after the tax?
Who pays for the tax? And how
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