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Government revenue raised by the tax

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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?

Reference no: EM131937789

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