QUESTION 6 {20 Marks) Chapter 6 Suppose Qd = 500 4P and Qs = 6P a. [5 marks] Find Equilibrium P and Q. b. [It] marks] Find the price that buyers will pay and the price that sellers will receive and the quantity that will be exchanged in the market. Show all the steps with explanation to receive full marks. Hint: Modify the equations as follows: Qd = 500 4P3 Qs = 6P5 If the tax is paid by buyer P3 = Ps l T where T= $2 per unit c. [5 marks] What is the burden of consumers? What is the burden ofproducers'? What is the amount of total tax paid