Luxury goods are often a tempting target for taxation because they are by definition unnecessary and are also consumed more by wealthy people, who would potentially suffer less from higher taxes. Suppose that the demand for luxury goods is given by D(p) = 700, 000, 000p3.5 and the supply of luxury goods is given by S(p) = p0.5. What is the equilibrium price for luxury goods? (Round to two decimals if necessary.) 66. Suppose that a 10% tax on luxury goods is put in place. What is the buyer's price? 67. What is the seller's price? 68. What is the additional cost per unit to buyers after the tax? 69. What is the decrease in revenue per unit to sellers after the tax? 70. Who bears most of the burden of the tax? a. buyers b. sellers c. The burden is equally shared