1.If the monthly demand function is p = 30 - (1/3) q² and the supply function before taxation is p = 6 + 5q, where q is in thousands and p is in dollars, what tax per item will maximize the total tax revenue?What is the maximum revenue from the tax?How many items will have to be sold to get the maximum revenue from the tax?What is the equilibrium point after the tax?

2.For the following demand equation,

p = 30 - (1/3) q²

solve for q.

3.For the following demand function,

p = 903p

find the elasticity of demand function, regions of elastic, unitary, and inelastic demand. Your answers should involve both variables p and q.

4.The equations in problems 1 and 3 represent the same demand function.What does your answer from part 3 tell you about the economic impact of the tax in part 1?