Suppose the tea market can be described by following equations

Demand :P =10-Q

Supply :P =4-Q

Where P is the price in dollars and Q is the quantity in kilograms

a) what is the equilibrium price and quantity?

b)Suppose the government imposes a tax of $1 to reduce tea consumption and raise government revenue .what will be the new equilibrium quantity? Determine the tax incidence . How much is the inefficiency of tax to the economy ?

c)Using equation 1 and 2 sketch the demand and supply diagrams and indicate your result from part (a) (b) correctly labeled your diagram