The market demand for a product is Q = 290 - 7P, and the market supply is Q = -90 + 12P (where Q is quantity and P is pr

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The market demand for a product is Q = 290 - 7P, and the market
supply is Q = -90 + 12P (where Q is quantity and P is price).
a. What is equilibrium price and quantity in this market?
b. Enter a formula to calculate price elasticity of demand using
the equilibrium price and quantity as the base values.
c. Enter a similar formula to calculate price elasticity of
supply.
d. Suppose the government imposes a $1.20 tax per unit.
d1. Use the values for price elasticity of demand and supply to
calculate the tax burden on consumers relative to suppliers (or
producers).
d2. What is the actual tax burden on suppliers?
d3. What is the actual tax burden on consumers?
d4. Calculate the deadweight loss of the tax, using only the
price elasticity of demand and supply, the per-unit tax, and
equilibrium price and quantity.