Previous Problem Problem List Next Problem (1 point) The demand and supply curves for a product are given by q = 1700 - 20p and q = 40p - 1300, respectively, where p is the price and q is the quantity of the product. (a) Find the equilibrium price and quantity. P = q = (b) A sales tax of 10% is imposed on consumers. Find the new equilibrium price and quantity. P = q = (c) How much tax is paid on each unit? Tax per unit: $ (d) At the new equilibrium price and quantity, how much of the tax is paid by consumers, and how much by producers? By consumers: $ By producers: $ (e) What is the total tax revenue received by the government? Tax revenue = $ Note: You can earn partial credit on this