Round… Show more; Suppose demand and supply are given by QX d = 14 – (1/2)PX and QX s = (1/4)PX – 1 Instructions: Round your answers to the nearest whole number. a. Determine the equilibrium price and quantity. Show the equilibrium graphically. Equilibrium price: $ Equilibrium quantity: Instruction: Use the tools provided to graph the inverse supply function ‘S’ and the inverse demand function ‘D’ from X = 0 to X = 6 (two points total for each) and indicate the equilibrium point. b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity. Equilibrium price: $ Equilibrium quantity: c. How much tax revenue does the government earn with the $12 tax? $; ;