Suppose the market demand for milk is  Qd = 40 – 4P Where Qd is millions of gallons demanded and P is price per gallon.  Suppose the market supply for milk is Qs = - 40/3 + 20/3P   Suppose a tax of $1 per gallon of milk is imposed in this market. What is the new price paid by consumers and What is the quantity of milk sold? *Hint: It does not matter if the tax is collected from purchasers or sellers.

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A: Equilibrium quantityPD=PS100-2Q=50+3Q100-50=3Q+2Q5Q=50Q=505Q=10

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Q: Suppose the market demand for milk is  Qd = 40 – 4P Where Qd is millions of gallons demanded and P…

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A: QD=60-p    and QS=2p In market equilibrium QD=QS so p=$20 and quantity =40 units

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Q: 1. Given the following information Qd = 240 – 5p Qs = P Where Qd is the quantity demanded, Qs is…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Suppose the market demand for milk is  Qd = 40 – 4P Where Qd is millions of gallons demanded and P…

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Q: 1. Given the following information Qd = 240 – 5p Qs= P Where Qd is the quantity demanded, Qs is…

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Q: 1. Given the following information Qd= 240 – 5p Qs= P Where Qd is the quantity demanded, Qs is…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Given the following information: QD = 240 – 5P QS = P Where QD is the quantity demanded, Qs is…

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Q: Given the following information Qp = 240 – 5P Qs = P where Qp is the quantity demanded, Qs is the…

A: Given  QD = 240 - 5P QS = P Before Tax  At Equilibrium QD =QS240 - 5P = P240 = P + 5P240 = 6PP =…

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A: QD = 486 -2P QS = 2P Now, QD =QS 486 - 2P = 2P 4P = 486 P = 121.5 and Q = 486 -2(121.5) Q = 243…

Q: Given the following information QD = 240 – 5P QS = P Where QD is the quantity demanded, Qs is the…

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