Problem 2 (25 pts) Explain your answers. The answers may not be integer. The demand function for widgets is qD (p) : 12f} 2p and the suppr function is (415(1)) : 4;). (a) Find the equilibrium price p'\" and quantity q\" and the price elasticit}r of demand at p* and q'\". Now a proportional tax of 20% per unit sold is imposed, so p9 = 1.2105 where p9 is the price that consumers pay after the tax and p3 is the price producers receive. (1)) What is the after-tax equilibrium quantity sold on the market? What is the price p9 paid by consumers? 1What is the price 103 received by producers? Use a graph to illustrate your answers. (c) How much tax revenue does the goveri'n'nei'it collect? How much of that is paid by the consumers and how much by the producers? (d) What is the consumer surplus before and after the tax? The producer surplus? Indicate them on a graph and compute their dollar values. (e) Is there a deadweight loss associated with the tax? If yes. indicate it on your graph, compute its dollar value. and explain brieyr why it occurs