The annual demand for imported oranges is given by the following equation: QD = 600,000 − 30,000P where P is the price per kilogram and QD is quantity of kilograms demanded per year. The supply of imported oranges is given by the equation: QS = 20,000P Calculate the following: i. the excess burden of the tax

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Chapter1: Making Economics Decisions
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The annual demand for imported oranges is given by the following equation:
QD = 600,000 − 30,000P
where P is the price per kilogram and QD is quantity of kilograms demanded per year.
The supply of imported oranges is given by the equation:
QS = 20,000P

Calculate the following: i. the excess burden of the tax


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