Practice Exercise on Shifting Supply and Demand
What is the new equilibrium price and quantity sold after this tax is applied? Compare the deadweight loss and tax revenue that results from New Jersey’s tax to the deadweight loss and profit that results from Pennsylvania’s monopoly. Q=1500; P=3.50. P=$2.00; Q=3000. T=$1.50; P=3.50; Q=1500 . Tax revenue=1.50*1.5=$2,250=Profit of Pennsylvania. 14. Suppose a firm faces a demand in one ... ................
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