Suppose that we are again studying the market for stereos. The stereo supply curve is given by: p = 15 + 0.50s And the stereo demand curve is given by: p = 120 - 3QD 5. Solve for the market equilibrium price level (p*) and quantity sold (Q*). Show your work. [2 points] Now suppose that the Mayor again targets the stereos industry, this time imposing a $14 tax per unit on stereo supplies. 6. Given this new tax, what is the new market equilibrium (Q'*)? What is the new seller price and consumer price? Show your work. [2 points] 7. Once again, plot this new equilibrium, including the original demand and supply curves. Label the x-intercept for demand and the y-intercepts for both supply and demand. Again, with Q on the x-axis and p on the y-axis. Label the old and new market equilibria. [2 points] 8. What was the tax incidence for suppliers and for consumers on this $14 tax? (In other words, how much of the $14 tax did consumers end up paying and how much did producers end up paying?) [1 point] Now suppose that the Mayor imposes the $14 tax per unit on stereo consumers (i.e. demand) instead. 9. Would we expect the market outcomes (i.e. p & Q) to be any different now that the tax is levied on consumers rather than suppliers? Why or why not? [2 points] 10. Finally, how much revenue does this tax end up generating? Show your work. [1 point]