Give me proper answer with full explanation with calculation otherwise i give downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The table below presents the annual market for sofas in Akron, Ohio. Suppose the state government imposes a $200 excise tax onevery sofa sold to be paid by customers at the point of sale.Market for SofasPrice(dollars)$1,2401,1801,1201,0601,000940880820760700Q=Quantity of SofasDemanded200230260290320350380410440470$Quantity of SofasSupplied300280260240228200188168140128Instructions: Enter your answers as a whole number.a. Before the excise tax is imposed, what are the equilibrium price and quantity of sofas in Akron?P = $sofasQuantity of Sofas Demanded withExcise Tax100130160190220250280310340370b. Including the excise tax, what is the new equilibrium price consumers pay for sofas after the tax is imposed?

The table for sofas is given as follows-Price (dollars)Quantity of Sofas DemandedQuantity of Sofas…

Answered: The table below presents the annual…

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Give me proper answer with full explanation with calculation otherwise i give downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

The table below presents the annual market for sofas in Akron, Ohio. Suppose the state government imposes a $200 excise tax on
every sofa sold to be paid by customers at the point of sale.
Market for Sofas
Price
(dollars)
$1,240
1,180
1,120
1,060
1,000
940
880
820
760
700
Q=
Quantity of Sofas
Demanded
200
230
260
290
320
350
380
410
440
470
$
Quantity of Sofas
Supplied
300
280
260
240
228
200
188
168
140
128
Instructions: Enter your answers as a whole number.
a. Before the excise tax is imposed, what are the equilibrium price and quantity of sofas in Akron?
P = $
sofas
Quantity of Sofas Demanded with
Excise Tax
100
130
160
190
220
250
280
310
340
370
b. Including the excise tax, what is the new equilibrium price consumers pay for sofas after the tax is imposed?

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