Suppose graph below depicts the market for smart phones. a) What is the equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: b) Suppose the government imposes a $300 excise tax on smart phones. Draw in the new supply curve labelled S+tax in the graph above. Plot only the endpoints of the curve above and position those points on the edges pf the graphing area. c) What is the new equilibrium price and quantity? New equilibrium price: $ New equilibrium quantity