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# Suppose the market demand function for ice cream is Qd = 10 - 2 P and the market supply function for ice cream is Qs = 4 P - 2, both measured in...

Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a \$0.3 tax on each gallon of ice cream. What is the government revenue raised by the tax?

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the equilibrium condition is the point where demand equation is equal to supply... View the full answer

First we need to find equilibrium quantity and price At... View the full answer

1 comment
• The right answer was \$1.68
• sisnaz
• Apr 05, 2018 at 2:57pm

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