Illustrate and compute the market equilibrium

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Reference no: EM131072973

The supply of Henry's hamburgers is given by P = 2+0.5Q; demand is given by Q = 20.

(a) Illustrate and compute the market equilibrium.

(b) A specific tax of $3 per unit is subsequently imposed and that shifts the supply curve to P = 5+0.5Q. Solve for the equilibrium price and quantity after the tax.

Reference no: EM131072973

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