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(Solved): Consider the market for $1 sales tax being implemented on the production of Tom Brady Bobblehead Dol ...
Consider the market for $1 sales tax being implemented on the production of Tom Brady Bobblehead Dolls. what will happen to the equilibrium price and equilibrium quantity of Tom Brady Bobblehead Dolls as a result of this scenario and why? Please use a graph and words to explain your answer. In your graph, please label price on the y-axis and quantity on the x-axis, P1 as the initial equilibrium price, Q1 as the initial equilibrium quantity, P2 as the new equilibrium price, Q2 as the new equilibrium quantity.