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The market demand and supply functions for toothpaste are: QD = 12 - 0.04P and QS = 3.8P + 4. ...

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The market demand and supply functions for toothpaste are: QD = 12 - 0.04P and QS = 3.8P + 4. ...

The market demand and supply functions for toothpaste are: QD = 12 - 0.04P and QS = 3.8P + 4. Calculate the equilibrium quantity and price and point elasticity of demand in equilibrium. Next, calculate consumer surplus. Suppose the toothpaste market is taxed $0.25 per unit. Calculate the revenues generated by the tax. Calculate the loss in consumer surplus. What percentage of the burden of the tax is paid for by consumers?

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Microeconomics

Edition: 8^th

Author: Pindyck

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Ramya

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