answer the following question

Suppose the demand tunction for cigarettes is given by Q9 = 120 4P, and the supply is given by QS = 12P 200. (a) Obtain the equilibrium quantity (2* and the equilibrium price P*. (3 marks) (b) Determine the price elasticity of the demand at the equilibrium point. Interpret your result. (4 marks) (c) Determine the range of prices and quantities for which the demand is elastic, and the range of prices and quantities for which the demand is inelastic. (4 marks) (d) Suppose the government introduces a price floor of p = 30. Compute the new supplied and demanded quantities and determine if the oor produces an excess or a shortage of supply. (4 marks) Now, suppose the government does not introduce any price floor and instead introduces a specific tax of 1- = 5 to be levied from producers. (e) Obtain the new supply curve that accounts for the presence of the tax. (3 marks) (f) Determine the new equilibrium quantity and price. (4 marks) (9) Compute the government revenue from the tax. (3 marks) (h) Compute the incidence (burden) for the consumers. (3 marks) (i) Compute the incidence (burden) for the producers. (3 marks) (j) Compute the deadweight loss produced by the tax. (4 marks)