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Suppose the demand for a product is given by P=100-2Q

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Suppose the demand for a product is given by P=100-2Q. Also, the supply is given by P=20+6Q. If an $8 per-unit excise tax is levied on the buyers of a good, after the tax, the total amount of tax paid by the consumers is

1. $54

2. $4

3. $72

4. None of these

5. $81