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Suppose that the demand for a good that is produced competitively is given by the equation Qd =61- (1/5)P , and its supply is given by the equation Qs =(1/4)P -2 Answer the following questions for this market.
a) Calculate the free-market equilibrium.
b) If the government imposes a per-unit tax of $104 on this good, what are the new equilibrium quantity and revenant prices in this market after the tax? Illustrate your answer graphically.
c) Calculate the consumer surplus, producer surplus, government revenue, and the deadweight loss in this economy after the tax.(You may find it helpful to refer to the graph you drew for part b)
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