Please assist me with this micro question:

Consider a market with the following demand and supply functions.

QD = 20 2P

QS = 2P + 4

Calculate the price (P1) and quantity (Q1) in the initial equilibrium.

Now, determine the effect of a 4$ tax collected from the producers by using

the following supply curve.

Q's = 2(P 4) + 4

Calculate the price (P2) and quantity (Q2) in the new equilibrium.

Then:

• (a) What is the relative share of consumers in the tax burden?
• (b) What is the relative share of producers in the tax burden?
• (c) What is the point price elasticity of demand at the initial equilibrium?
• (d) What is the point price elasticity of supply at the initial equilibrium?
• (e) how can we use the point price elasticities to determine the relative tax burden for consumers and producers?