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1. Consider a market with supply function given by S'(p) = p and demand function given by D(p) = 14 p. Let t be the tax rate so that when producers sell at price p, the consumer has to pay p + t per 1 unit of the good. (a) Let t = 7. Find the price that the consumer faces in equilibrium and the quantity traded. (b) Let t = 7. Calculate the consumer surplus, producer surplus, tax revenue, and deadweight loss at equilibrium. (c) Let t = 8. Find the price that the consumer faces in equilibrium and the quantity traded. (d) Let t = 8. Calculate the consumer surplus, producer surplus, tax revenue, and deadweight loss at equilibrium