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Question 9 3 points Save Answer Consider that the market for modified electronic cigarettes, mod e-cigs, is described by the following demand and supply equations: Q = 488 - 3.5P and Q = 2.5P - 80, where P is the price in dollars for one mod e-cig, and Qp and Q measure the quantity of mod e-cigs per quarter. The market is currently in equilibrium. (Question 3 of 6) Concerned about the appeal of mod e-cigs among teenagers, and the potential long lasting health problems they may incur from using these devices, the local government decides to implement an excise tax of $4.80 per unit of mod e-cig traded. After its implementation, with no additional external factors, the market adjusts. Given the current market environment, what is the current market price? (report your answer at 2 decimal places). i) A Moving to another question will save this response. > Close Window