The market for a particular good is described by the following demand and supply equations

respectively: QD = 448 - 3.5Pand QS = 2.5P - 80.Consider that after much discussion among

policymakers and following a final vote, the government implements a 20% ad valorem tax on sellers of

the good. The market adjusts and is currently in equilibrium.

[a.] After the tax is implemented, what quantity of the good is traded? What price do buyers pay and

what price do sellers receive?

(b) After the tax is implemented, what is the value of the deadweight loss in the market?

[c.] After the tax is implemented, what is the tax revenue from this market? [3]

[d.] After the tax is implemented, do consumers or producers face any tax burden? If so, then state who

faces a higher burden, and what this implies about the group's price elasticity relative to the other

group's price elasticity. If not, then state that they do not face any tax burden, that the value of the

burden is zero, and what this implies about the group's price elasticity relative to the other group's

price elasticity.