1.Equilibrium Effect2. Tax Revenue and Deadweight Loss STEP: 1 of 2 Suppose that a market is described by the following supply and demand equations: QD 240-P nd the equlibrium quantity isunts The equilibrium price in this market is S units. Suppose that a tax of T is placed on buyers, so the new demand equation is as follows: D 240-(P+T) The new equilibrium price is 80-1 . , and the new equilibrium quantity is The price received by sellersY ,the price paid by buyers and the quantity sold Grade Step 1 TOTAL SCORE: 0/7 to complete this step and unlock the next step)