STEP: 1 of 2 Suppose that a market is described by the following supply and demand equations: Qs = 2P QD - 240 - P The equilibrium price in this market is $ and the equilibrium quantity is units. Suppose that a tax of T' is placed on buyers, so the new demand equation is as follows: QD = 240 - (P + T) The new equilibrium price is , and the new equilibrium quantity is The price received by sellers , the price paid by buyers and the quantity sold TOTAL SCORE: 0/7