The supply of an antibiotic is Q = 30 P 200. The demand for it
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The supply of an antibiotic is Q = 30 × P − 200. The demand for it is Q = 8,800 − 20 × P.
a. What is the market equilibrium price and quantity?
b. Use of the antibiotic creates $20 in external costs due to water pollution. Would the market outcome be different if a $20 tax were levied on producers instead?
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a Market equilibrium price and quantity The market equilibrium price is where the supply and demand ...View the full answer
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