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Economics Suppose demand and supply are given by 0Xd= 14 (1r2ipx and 0x5 = uraipx 1 Instructions: Enter your responses rounded to the nearest whole number. a. Determine the equilibrium price and quantity Show the equilibrium graphically Equilibrium price: $ Equilibrium quantity: [2| Instruction: Use the tools provided to graph the inverse supply function '8' and the inverse demand function 'D' from X = 0 to X = 6 (two points total for each) and indicate the equilibrium point. Equilibrium 35 5 m x 30 coordinates: 25 p' " y s 1 D 4 Price of X i O 9 _| N OJ A 01 0" *4 Quantity of X b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity. Equilibrium price: S Equilibrium quantity: c. How much tax revenue does the government earn with the $12 tax? S