Equilibrium price and quantity of gasoline

Reference no: EM1313912

The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline. Next, assume that the government places a $1 per gallon tax on gasoline. Using the equations, find the new equilibrium price and quantity in the market for gasoline.

Reference no: EM1313912

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