Suppose the following equations can describe the market for widgets:

Demand:P = 10 - QSupply: P = Q - 4

where Pis the price in dollars per unit and Qis the quantity in thousands of units. Then:

1. What are the equilibrium price and quantity?
2. Suppose the government imposes a tax of $1 per unit to reduce widget consumption and raise government revenues.
3. What will the new equilibrium quantity be?
4. What price will the buyer pay?
5. What amount per unit will the seller receive?
6. Suppose the government has a change of heart about the importance of widgets to the American public's happiness. The tax is removed, and a subsidy of $1 per unit granted to widget producers.
7. What will the equilibrium quantity be?
8. What price will the buyer pay?
9. What amount per unit (including the subsidy) will the seller receive?
10. What will be the total cost to the government?

Step by Step, please