For thisquestion, round all answers at 2 decimal places(if your answer is not a wholenumber). This question is also progressive. For any part that uses one of your previous answers in thecalculation, you must use the rounded previous answer to proceed with calculting the next part. Forexample, in parta, you are expected to use the rounded

PE to calculate the QE.

Suppose the market for wine is given by the following Demand and Supply equations:

QD(per day)= 2061-53PQS(per day)= 33P - 978

a. What is the equilibrium price andquantity?

PE =$__________QE= ___________ units of wine

b. If the government imposes a tax of $9 perunit, find the new equilibrium price (PTAXE) and quantity (QTAXE). Round your answer at 2 decimal places.

PTAXE= $_________QTAXE= _____units of wine

c. What is thegovernment's tax revenue perday?

Tax Revenue= $_______

d. How much of the $9 taxper-unit do consumerspay?

Consumers pay $_________

e. How much of the $9 taxper-unit do producerspay?

Producers pay $__________