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A determine the equilibrium price and quantity show the

QXd = 14 - (1/2) P_X and QXS = (1/4)P_X - 1

a. Determine the equilibrium price and quantity. Show the equilibrium graphically.

b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.

c. How much tax revenue does the government earn with the $12 tax?

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