Demand-supply are given in perfectly competitive market

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Reference no: EM13977028

Suppose market demand and supply are given in a perfectly competitive market for bushels of wheat by: Determine the equilibrium price and quantity. Show the equilibrium graphically. (Quantity can be in fractions of a bushel.) Suppose a $30 excise tax (tax on each unit sold) is imposed on the good. Determine the new equilibrium producer price, consumer price, and quantity. Indicate these items graphically. How much of the tax do the consumers pay per unit? (What is their tax burden?). How much of the tax do the producers pay per unit? (What is their tax burden?) With the $30 tax in place, what are the consumer surplus, producer surplus, government revenue, and deadweight loss? Indicate these items graphically

Reference no: EM13977028

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