Suppose the demand for a product is given by QD=80-5P, where QD is quantity per year measured in kilogram and P is price in AUD per kilogram. The supply curve

Suppose the demand for a product is given by QD=80-5P, where QD is quantity per year measured in kilogram and P is price in AUD per kilogram. The supply curve for this product is given by QS=2.5P-10. Determine the total tax revenue that the government receives, tax incidence on the consumers and the tax incidence on the sellers. Instead of using tax, the government alters their policy by providing a subsidy of $3 per kilogram sold, find the new market price after having this subsidy.tax = 10%

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