Given that the demand and supply for a product are:

Q = 90 - 2Pand Q = P

(a)Algebraically determine the equilibrium price and quantity.(10 points)

(b)Calculate the size of consumer surplus and producer surplus. Are resources allocated efficiently?Explain. (15 points)

(c)Suppose that a tax increase on factors of production causes supply curve to change to Q = - 6 + P.What is the new equilibrium price and quantity? What is the amount of deadweight loss?(15 points)