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# Quiz 3 - 5/3 or-1.67 C(4 points)What is the Price...

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Econ 302 Quiz 3 McLeod Name ______________________________ ID # _________________________________ 1. Suppose the market supply and demand for softball gloves in Happy Valley are given by: Demand: Q = 480 – 10P Supply: Q = -180 + 12P A) (2 points) Calculate the equilibrium price and quantity of softball gloves. P* = 30; Q* = 180 B) (4 points)What is the Price Elasticity of Demand at the equilibrium price and quantity?

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Unformatted text preview: - 5/3 or -1.67 C) (4 points)What is the Price Elasticity of Supply at the equilibrium price and quantity? 2 For the remaining questions, suppose a tax of \$11 per glove is levied on the consumers. D) (5 points) What proportion of the tax will be paid by consumers ? 6/11 E) (5 points) How much will producers receive after the tax? \$25...
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Quiz 3 - 5/3 or-1.67 C(4 points)What is the Price...

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