Suppose that the market for good X is characterized by the following demand and supply functions: Demand: QD = 300- 25P Supply: Qs = -50 + 25P 1) The market equilibrium price is $ 7 and equilibrium quantity is 125 units. li) Now suppose that a unit tax of $2 is imposed on the sale of Good X and collected from buyers of the good. The after-tax equilibrium price is $ and the after-tax equilibrium quantity is units. lil) The gross price (price that includes the tax) paid by buyers is per unit iv ) The base price ( the after-tax) price received by sellers is per unit v) Sellers pay $ per unit in tax. vi) Buyers pay $ per unit in tax. vil) Total tax revenue collected from this tax is $ vil) The excess burden (deadweight loss) caused by tax is $ Next