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Fireworks accidents continue to put a dark cloud over Independence Day celebrations

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Fireworks accidents continue to put a dark cloud over Independence Day celebrations. They seem to happen in about 1% of uses. The average cost of an accident is $1,000. The demand and supply curves for fireworks (exclusive of any accident or legal costs) are given below.

 

Demand Supply
Price Quantity Price Quantity
$40 100 $8 100
$36 200 $10 200
$32 300 $12 300
$28 400 $14 400
$24 500 $16 500
$20 600 $18 400
$16 700 $20 500
$12 800 $22 600

 

Suppose that suppliers are strictly liable for accidents. What are the equilibrium price and quantity?

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