Demand for novels is given by$()=55\mathrm{.}004\mathrm{.}00$D$($p$)=55\mathrm{.}004\mathrm{.}00$p$,$and the supply function is$()=1\mathrm{.}00$S$($p$)=1\mathrm{.}00$p$.$

Give all answers to two$$decimals$.$

$1$st attempt

Part $1(2$points$)$

See Hint

What is the equilibrium price for novels?$$$$$

What is the equilibrium quantity?$$

Part $2(3$points$)$

See Hint

Suppose a $$1$ per$-$unit tax is imposed on buyers of novels. Find the equilibrium price buyers pay, the price sellers receive, and the quantity with the tax.$$

Buyers pay$$$$.$

Sellers receive$$$$.$

$$novels are sold.$$

Part $3(1$point$)$

See Hint

Would the answer to Part $2$ be different if the tax were charged to sellers instead of buyers?$$

Choose one:A$.$yesB$.$noC$.$not enough information to say