7. The market demand is P. = 180 - 2q and supply is P, = q/2 + 30. a. Find the market equilibrium price and quantity. b. Assuming that the industry is competitive, find welfare under this equilibrium. c. Suppose the government levies a unit tax of $20. Find the new market quantity, price demanders pay, and the price suppliers keep. d. How much tax revenue was raised? e. What is the welfare loss caused by the tax