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Question 5 Consider a market for good X with the following demand and supply function: Demand: p=-0.5x + 10 I Supply: p=x+1 Assume perfect competition on the market for good X. a) Estimate the price and quantity of X consumed in equilibrium. Validate the solution using an appropriate diagram. b) The government introduces a unit tax oft= 3 per unit of good X. Find the new equilibrium (graphically and analytically). c) Calculate the tax revenue for the government and the excess burden of taxation. a