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Consider the market for widgets, which is perfectly competitive market. Demand is given by QD = 240 - P. Supply is given by QS = 120.
a. Find the equilibrium quantity and price in this market.
b. Suppose the government imposes a tax of t = $20 on each widget sold. How many widgets are sold after the tax is imposed? What price do consumer pay? What price do producers receive?
c. Who bears a larger part of the burden of the tax, consumers or producers? Briefly explain the intuition for why this is the case.
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