Let supply be described by Q=2P-2 Let demand for Group 1 be described by QDR =10-2P...

 

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Let supply be described by Q=2P-2 Let demand for Group 1 be described by QDR =10-2P Let demand for Group 2 be described by QDL=7-P Find: a) equilibrium price and quantity and total revenue (TR). CS, PS, b) demand and supply elasticities, Now add a $1.00 tax. Find equilibrium price and quantity, CS, PS, tax revenue, TR, and DWL. c) d) Let supply be described by Q=2P-2 Let demand for Group 1 be described by QDR =10-2P Let demand for Group 2 be described by QDL=7-P Find: a) equilibrium price and quantity and total revenue (TR). CS, PS, b) demand and supply elasticities, Now add a $1.00 tax. Find equilibrium price and quantity, CS, PS, tax revenue, TR, and DWL. c) d)

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a To find the equilibrium price and quantity set supply equal to demand and solve Q2P2 102P 7P ... View the full answer