Question: please help with the following problem: Consider a market with the following demand and supply functions. QD = 20 2P QS = 2P + 4

please help with the following problem:

Consider a market with the following demand and supply functions.

QD = 20 2P

QS = 2P + 4

Calculate the price (P1) and quantity (Q1) in the initial equilibrium.

Now, determine the effect of a 4$ tax collected from the producers by using

the following supply curve.

Q's = 2(P 4) + 4

Calculate the price (P2) and quantity (Q2) in the new equilibrium.

then:

(a)What is the initial equilibrium price (P1)?

(b) What is the initial equilibrium quantity (Q1)?

(c) What is the new equilibrium price (P2)?

(d) What is new equilibrium quantity (Q2)?

(e) What is initial consumer surplus(CS1)?

(f) What is initial producer surplus(PS1)?

(g) What is initial total surplus(TS1)?

(h) What is new consumer surplus(CS2)?

(i) What is new producer surplus(PS2)?

(j) What is new total surplus(TS2)?

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