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Now suppose the supply schedule is instead as follows: What are the equilibrium price and equilibrium quantity in the absence of a tax? What are the equilibrium price and equilibrium quantity in the presence of a $1.25 per carton excise tax? Explain why your answer to part b differs from your answer to part b of the previous question, and relate this difference to the discussion of the incidence of an excise tax in this chapter.

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 17, Problem 4TY
Textbook Problem
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Now suppose the supply schedule is instead as follows:

Chapter 17, Problem 4TY, Now suppose the supply schedule is instead as follows: What are the equilibrium price and

  1. What are the equilibrium price and equilibrium quantity in the absence of a tax?
  2. What are the equilibrium price and equilibrium quantity in the presence of a $1.25 per carton excise tax?
  3. Explain why your answer to part b differs from your answer to part b of the previous question, and relate this difference to the discussion of the incidence of an excise tax in this chapter.

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