The demand and supply curves for a product are given in terms of price, p, by
q = 3600 - 30p and q = 10p - 400.
(a) Find the equilibrium price and quantity.
The equilibrium price is $ 100 and the equilibrium quantity is 600 units.
(b) A specific tax of $8 per unit is imposed on suppliers. Find the new equilibrium price and quantity.
The new equilibrium price (including tax) is $ and the new equilibrium quantity is units.
(c) How much of the $8 tax is paid by consumers and how much by producers?
The tax paid by the consumer is $ , and the tax paid by the producer is $ of the tax.
(d) What is the total tax revenue received by the government?
The total tax revenue received by the government is $
