A market in perfect competition has the following demand and supply equations: Demand: QD(P) = 400 – 2 P Supply: QS(P) = 3P – 25 Draw the supply and demand diagram with correct numbers on the endpoints. Solve the equilibrium price and quantity and label both on the graph. Solve and label the consumer surplus. Solve and label the producer surplus. Impose a tax of 10 percent. Solve the price paid, the price received and the quantity sold. Draw a new supply and demand diagram with the prices and quantities that will result when a 10 percent tax is imposed. Both calculate and show on the diagram: (i) the total tax revenue paid, (ii) consumer surplus, (iii) producer surplus, and (iv) the excess burden of the tax.