60. 1. You are given the following information about the market for motorcycles. Market Demand: P = 400 40 Market Supply: P= 4Q Find the equilibrium price and quantity in this market. What is the value of consumer surplus in this market? What is the value of producer surplus in this market? Suppose that the government decides to impose an excise tax of $80 per motorcycle on producers in this market. What will be the number of motorcycles sold in this market once this tax is imposed? What will be the new price consumers will pay after the tax?