The table gives the demand and supply schedules for an illegal drug. a. What is the price
Question:
The table gives the demand and supply schedules for an illegal drug.
a. What is the price and how many units are bought if there is no penalty on drugs?
b. If the penalty on sellers is $20 a unit, what are the price and quantity consumed?
c. If the penalty on buyers is $20 a unit, what are the price and quantity consumed?
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To answer these questions we need to observe the quantities demanded and supplied at different prices and find the equilibrium price and quantity whic...View the full answer
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