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D(p) = 300 – 5 p for 0 less than or equal to p less than or equal to 60S(p) = -60 +5p for 12 less than or equal to p less than or equal to 60(a) Graph the demand and supply curves and solve for equilibrium price and quantity.(b) Calculate CS, PS, and TS.(c) Suppose the government imposes a $10 excise tax which is remitted by the suppliers.D(pB) = 300 – 5 pB for 0 less than or equal to p less than or equal to 60S(pB) = -110 + 5 pB for 22 less than or equal to p less than or equal to 70Graph the supply and demand curves and solve for pB and pS. What is the tax incidence for buyers and sellers?(d) Calculate CS, PS, and tax revenue.(e) Calculate the deadweight loss of the tax.
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