Question 3 (15 marks) The supply for the water in the summer months in Perth is P=2+2 and the demand for water is P=8-2, where P is the price in dollars and Q is quantity demanded and supplied. a) Find the equilibrium price and quantity. (3 marks) b) Calculate the weekly producer surplus, consumer surplus and economic surplus generated at the market equilibrium. (4 marks) c) Suppose a tax of $2 per-unit to be collected from sellers is imposed in the market. Calculate the loss in economic surplus experienced by buyers and sellers as a result of the (6 marks) d) How much government revenue will this tax generate each week? (2 marks)