How To Calculate Equilibrium Price After Tax?


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Assume that the following quantities of wheat will be demanded at the following per-bushel prices: 10 bushels at $8, 11 bushels at $7, 12 bushels at $6, 13 bushels at $5, 14 bushels at $4. If the supply is perfectly inelastic at an output of 13 bushels, the equilibrium price is one of the following: A.$8 b.$7 c.$5 d.impossible to determine from the information is given.

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