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1. The demand and supply functions of a good are given by
P=-2Q_d+40
P=3Q_s+10
a. Find the equilibrium price and quantity.
b. The government imposes a tax of t per unit sold. Show that the equilibrium quantity is given by
Q= 6 - 0.2t
and find a similar expression for the equilibrium price.
c. If the equilibrium quantity is known to be 4, calculate the value of t.
How much tax revenue is raised by the government?