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Suppose demand in the competitive market for video game consoles is given by p equals 400 minus Q, and the supply curve is given by

Suppose demand in the competitive market for video game consoles is given by p equals 400 minus Q, and the supply curve is given by p equals 100 plus 2 Q.

The equilibrium price of consoles is equal to:______

The equilibrium quantity is equal to:______

At the equilibrium price, the elasticity of demand is equal to:______

At the equilibrium price, the elasticity of supply is equal to:______

At the equilibrium price, total revenue is equal to:______

If the government were to levy a $60 tax on the market, the new consumer price will be ______ and the new quantity traded will be______

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