McGraw-Hill Connect X Question 29 - Chapter 02 Assignme X Course Hero x *Homework Help - Q&A from Onli X + C O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheduca] E Chapter 02 Assignment i Saved Help Save & Exit Submit 29 The supply and demand curves for new vinyl LPs are given by ps = 18 + 0.64QS and pd = 26 - 0.64Qd, where Pis in dollars and Q represents millions of LPs sold. Suppose that a nationwide tax of $3 is levied on each LP sold, collected from the seller. a. Use the given curves to estimate the number of LPs and the equilibrium price per LP. Instructions: Enter your answers as whole numbers. a. The equilibrium number of LPs is million. b. The equilibrium price per LP is $ c. Graph the results, showing the old and new equilibrium. Instructions: 1. Use the line tool (demand) provided to plot the demand (plot 2 points at Q = 0, and Q = 25) line. 2. Use the line tool (supply) provided to plot the supply (plot 2 points at Q = 0, and Q = 25) line BEFORE the $3 tax. 3. Use the line tool (supply) provided to plot the supply (plot 2 points at Q = 0, and Q = 25) line AFTER the $3 tax. 4. Use the drop line tool (equilibrium) provided to plot the equilibrium. 5. To earn full credit for this graph you must plot all required points for the line. Price 38 Tools 36 34 32 30 Demand Supply Mc Graw McGraw-Hill Connect X Question 29 - Chapter 02 AssignmerX Course Hero X Homework Help - Q&A from Onli X + C O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheduca] E Chapter 02 Assignment i Saved Help Save & Exit Submit 5. To earn full credit for this graph you must plot all required points for the line. 29 Price 38 Tools 36 34 32 30 Demand Supply 28 26 24 22 Initial Equilibriow Supply New Equilbriu 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Quantity d. Buyers will spend $ million. e. The government will receive $ million. Mc Graw