Suppose that the market for automobiles has the following supply and demand schedules:

Price of car	Quantity demanded (thousands)	Quantity supplied (thousands)
$20,000	120	45
$21,000	110	50
$22,000	100	55
$23,000	90	60
$24,000	80	65
$25,000	70	70
$26,000	60	75
$27,000	50	80
$28,000	40	85
$29,000	30	90
$30,000	20	95

1. Using this information, draw the demand curve and the supply curve for automobiles.
2. What is the equilibrium price and quantity for automobiles.
3. Assume the government levies a tax of $3000 per car. What is the price that consumers will pay for a car now? Has the price that consumers pay risen by the full amount of the tax? Explain why.
4. What is the price received by automakers? Illustrate the effect of this tax in your diagram from part a.
5. Calculate the government revenue raised by this tax.
6. Is the market efficient, with the $3000 excise tax? Explain. Illustrate your answer with a diagram