Problem 1. Suppose the market demand is given by D(p) = 10-2p and the market supply is given by S(p) = 3p-5. 1. Draw the supply and demand curves. Determine the equilibrium price p and the equilibrium output z. Determine CS, PS, and TS. 2. Explain why TS is maximized at the equilibrium price p*. 3. Suppose government imposed a $0.5 quantity tax. Determine the equilibrium price and the equilibrium output after the tax. Also, determine CS, PS, the tax revenue, and the deadweight loss. 4. Is the tax revenue from the consumers greater than the tax revenue from the producers? Explain why.