b. Suppose a $12 excise tax is imposed on the good.Determine the new equilibrium price and quantity.Equilibrium price: $ Equilibrium quantity: c. How much tax revenue does the government earn with the $12tax? $ 

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Suppose demand and supply are given by Qxd = 14 - (1/2)Px and QXS = (1/4)Px − 1 Instructions: Enter your responses rounded to the nearest whole number. a. Determine the equilibrium price and quantity. Show the equilibrium graphically. Equilibrium price: Equilibrium quantity: Instruction: Use the tools provided to graph the inverse supply function 'S' and the inverse demand function 'D' from X = 0 to X = 6 (two points total for each) and indicate the equilibrium point. 20 4 Suppose demand and supply are given by Qxd = 14 - (1/2)Px and QXS = (1/4)Px − 1 Instructions: Enter your responses rounded to the nearest whole number. a. Determine the equilibrium price and quantity. Show the equilibrium graphically. Equilibrium price: Equilibrium quantity: Instruction: Use the tools provided to graph the inverse supply function 'S' and the inverse demand function 'D' from X = 0 to X = 6 (two points total for each) and indicate the equilibrium point. 20 4