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corie corie
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6 years ago
The market demand and supply functions for alcohol at Major League Baseball games are:
QD = 10 - 0.04P and QS = 3.8P - 2.  Calculate the equilibrium quantity and price and point elasticity of supply in equilibrium.  Next, calculate producer surplus.  Suppose that alcohol is taxed at $0.75 per unit at the games.  Calculate the revenues generated by the tax.  Calculate the loss in producer surplus.  What percentage of the burden of the tax falls on producers?
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Microeconomics

Microeconomics


Edition: 8th
Author:
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oracledarrenoracledarren
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