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3. The market demand is Pd = 160 - q and supply is P, = 2q + 10. a. Find the market equilibrium price and

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3. The market demand is Pd = 160 - q and supply is P, = 2q + 10. a. Find the market equilibrium price and quantity. b. Assuming that the industry is competitive, nd welfare under this equilibrium. (3. Suppose the government levies a unit tax of $24. Find the new market quantity, price demanders pay, and the price suppliers keep. d. How much tax revenue was raised? 6. What is the welfare loss caused by the tax

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