Suppose that demand and supply for a product are given by the following equations: =401/2 =5+ a. Find the equilibrium price and quantity in an unregulated (competitive) market.

b.Draw the market. Label equilibrium price and quantity.

C. Find the producer surplus.

D. Now suppose the government imposes a tax of $3. Find the price paid by buyers, the price paid by sellers, and the quantity sold.

E. Find the deadweight loss associated with the tax.

F.find the percentage of the tax borne by buyers