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ECON104: Consider the demand and supply curves 𝑄! = 𝛼 βˆ’ 𝛽𝑃 𝑄” = πœ‡ + 𝛾𝑃 where 𝛼, 𝛽, πœ‡, and 𝛾 are suitable positive constants: Microeconomics Assignment, UC, Singapore

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Question 1Β  Consider the demand and supply curves 𝑄! = 𝛼 βˆ’ 𝛽𝑃 𝑄” = πœ‡ + 𝛾𝑃 where 𝛼, 𝛽, πœ‡, and 𝛾 are suitable positive constants. Find the equilibrium price P*, and the corresponding quantity Q*. Suppose a tax of $𝜏 per unit is imposed on the producer. Find the new equilibrium price. … Read more