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{"ops":[{"insert":" Consider the market for ponche, a alcoholic wine. the demand is characterized by the following equation. Pd = 100 - Qd the supply is given by Ps = 0.25Qs"},{"attributes":{"list":"ordered"},"insert":"\n"},{"insert":"determine the equilibrium quantity and price?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Suppose the ad valorem tax of 10% is imposed on buyers of the wine, graphically sketch the behavior of the demand and supply curves."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"what is the new equilibrium price and quantity?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"what is the price that buyers pay and supplies get ?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Also determine the tax revenue and tax incidence on the buyers and sellers"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\n\n"}]}
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