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Question: question 5 consider the market for rice which is perfectly...

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Question 5 Consider the market for rice, which is perfectly competitive. Aggregate supply and demand are respectively given by Qs -5P 20 and 120-2P, (a) Find the (short-run) equilibrium price and quantity in this market. (6 marks) If the government imposes a tax of S10 per unit sold in this market. Find the quantity sold after the tax is imposed. (b) (7 marks) (c) Compute the deadweight loss imposed by the tax. (7 marks)

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