The demand for gasoline is represented by: P=-09 Qd + 89 The supply of gasoline is represented by: P=1.40s1 Quantities are in millions of galons sold per seek Now suppose that the government levies a $0.49 per unit excise tax to be paid by the sellers on each galon. Calculate the portion of the tax paid by the sellers and enter the answer using 2 decimal places

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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The demand for gasoline is represented by: P0.9 Qd + 8.9
The supply of gasoline is represented by: P1.4Os 1
Quantities are in millions of gallons sold per seek
Now suppose that the government levies a $ 0.49 per unit excise tax to be paid by the sellers on each gallon, Calculate the portion of the tax paid
by the sellers and enter the answer using 2 decimal places
Transcribed Image Text:The demand for gasoline is represented by: P0.9 Qd + 8.9 The supply of gasoline is represented by: P1.4Os 1 Quantities are in millions of gallons sold per seek Now suppose that the government levies a $ 0.49 per unit excise tax to be paid by the sellers on each gallon, Calculate the portion of the tax paid by the sellers and enter the answer using 2 decimal places
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