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Suppose that the demand and supply for maple syrup is represented by the given equations.
Demand: P = 50 - 2Q^d
Supply: P = 15 = 3Q^s
1. What is the new price paid by consumers and the new quantity bought?
Suppose the government decides to levy a $5 tax per litre of maple syrup on suppliers. 2. What is the new price paid by consumers and the new quantity bought?

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