The demand and supply curves for a product are given by q=2900-20p and q=30p-1200
Find the equilibrium price and quantity (which I got). p=82, q=1260.
(b) A specific tax of $4 is imposed on suppliers. Find the new equilibrium price and quantity.
(c) At the new equilibrium price and quantity, how much of the $4 tax is paid by consumers, and how much by producers?
(d) What is the total tax revenue received by the government?