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Question 3 (Equilibrium) The supply and demand curves for nights at hotels in San Francisco are given by: D(p)=400-p S(p)=p Suppose the government imposes a

Question 3 (Equilibrium) The supply and demand curves for nights at hotels in San Francisco are given by:

D(p)=400-p

S(p)=p

Suppose the government imposes a tax of $20 per night in order to increase its revenues.

a) What is the original price consumers pay per night? What is the new price consumer's pay per night? What is the new price hotels receive per night? What is the change in quantity with the implementation of the tax?

b) What is the city of San Francisco's revenue from this tax?

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