Suppose demand and supply are given by Qx=14 (1/2)P and Q = (1/4)Px 1 Instructions: Enter your responses rounded to the nearest whole number. a. Determine the equilibrium price and quantity. Show the equilibrium graphically. Equilibrium price: $20 Equilibrium quantity: 4 Instruction: Use the tools provided to graph the inverse supply function 'S'and the inverse demand function 'D'from X=0 to X=6 (two points total for each)and indicate the equilibrium point. b.Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity. Equilibrium price: $ 24 Equilibrium quantity: 2 c.How much tax revenue does the government earn with the $12 tax?