question archive Consider a market supply and demand represented by the following: [Math Processing Error]Qs=4P−120 and [Math Processing Error]Qd=1000−10P

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Consider a market supply and demand represented by the following: [Math Processing Error]Qs=4P−120 and [Math Processing Error]Qd=1000−10P. Use this information to answer the following questions.

a. Calculate the equilibrium price and quantity.

b. What is the consumer surplus?

c. If the government imposes an excise tax of $2, what would be the new equilibrium price and quantity?

d. What would happen to the consumer surplus?

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