The demand curve for knobs is P = 75 - 6Q^D and the supply curve for knobs is P = 35 + 2Q^S

a.Using these equations, what is the equilibrium price and quantity of wheat? Draw and label these points on a graph.

b.What is the price elasticity of demand if equilibrium price rises from $45 to $50?

c.If the government imposes an excise tax of $3 per unit, calculate the price buyers will pay, price sellers receive, and deadweight loss created by the tax. Also, show these on the graph above.