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Suppose that demand for good X is given by:QD = 20 -P, while supply is given by: QS = 2P-4.
a) Solve for the equilibrium price (P*) and quantity (Q*)
b) Suppose the government sets a price ceiling of $6. What is the shortage that results from this price ceiling?
c) Now suppose that, instead of a price ceiling, the government charges an excise tax of $3 per unit. Solve for the new equilibrium price and quantity after this tax is imposed, and the amount of revenue raised by the government.
One key assumption lying behind the policy irrelevance proposition is that
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