Market for Supply and Demand Equations

10. Suppose that a market is described by the following supply and demand equations: QS = 2P QD = 300 - P a. Solve for the equilibrium price and the equilibrium quantity. b. Suppose that a tax of T is placed on buyers, so the new demand equation is QD = 300 - (P + T) . Solve for the new equilibrium. What happens to the price received by sellers, the price paid by buyers, and the quantity sold? c. Tax revenue is T x Q. Use your answer from part (b) to solve for tax revenue as a function of T. Graph this relationship for T between 0 and 300