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The market for smart phones is characterized by the following supply and demand...
The market for smart phones is characterized by the following supply and demand functions:
Supply: P=2Qs Demand： P=42-Qd
Where P denotes price, Qs denotes quantity supplied, Qd denotes quantity demanded.
The government levies a tax of GBP 9 on each smart phone, collected from sellers. What fraction of the tax does the seller bear and what fraction does the buyer bear?
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