5. Suppose the market for leather jackets is described by the following supply and demand curves: DUB) = 150 - P 507) = 50+3P a. Solve for the equilibrium price and quantity. [4 points] b. Suppose that a tax I is placed on the consumers, so the demand curve is now D(p) = 150I (p + 1'). Solve for the new equilibrium price that consumers pay, the price that sellers receive, and the quantity traded. [6 points] c. Solve for the tax revenue as a function of tax 1' and graph this function. [5 points] d. Solve for the deadweight loss as a function of tax 1' and graph this func- tion. [5 points] e. Suppose the tax is set at 1' = 100. Explain whether or not this is a good policy. [5 points]