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Original Demand: P = 839 + (-3 Q)
Original Supply: P = 311 + 5 Q
An ad valorem tax of 2% is on supply.
After-tax Demand: P = 839 + (-3 Q)
After-tax Supply: P = 317.34693877551 + 5.1020408163265 Q
Market price: P = 641
Market quantity: Q = 66
Taxed price: P = 645.84382871537
Taxed quantity: Q = 64.385390428212
Total tax consumer pay: 311.87180300617
Total tax producer pay: 519.78633834362
Dead weight loss: DWL = 10.427856277243