By how much would the market price of abortions and the number ofabortions change if a lump-sum tax is assessed on abortion clinics thatraises their minimum average cost by 10%?On the graph to the right, show the new long-run equilibrium price.1.) Use the line drawing tool to draw the new demand curve and label theline d².2.) Use the 3-point curved line drawing tool to draw the new average costcurve and label the curve AC².Carefully follow the instructions above, and only draw the requiredobjects.Using the price elasticity of demand information from the"Abortion Market" application, calculate the decrease in the number ofabortions from the lump sum tax.Abortions will decrease by as little as percent or by as much aspercent. (round your answers to one decimal place)CPrice/cost per abortion490-470-450-430-410-390-370-350-330-310-290-270-250+100AC2d2 1AC¹P = MR150 200 250 300 350 400 450 500Abortions per yearQN

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Answered: Abortions will decrease by as little as…

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Economics

Abortions will decrease by as little as percent. (round your answers to one decimal place) percent or by as much as

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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