Suppose a market is characterized by the following:

Q^D = 1,500-3P

Q^S = -500+2P

A)Determine the equilibrium price and quantity (5 marks).

B)Graph the equilibrium price and quantity in part A) (5 marks)

C)Suppose the government imposes a per-unit tax of 5 (ie. 5 dollars in tax on every unit purchased) on buyers. Solve for the new equilibrium price and quantity. HINT: There are two prices and one quantity to solve for. (10 marks).

D)Determine the total amount of tax revenue collected by the per-unit tax in B) (5 marks).