3. Demand and supply for a good are given by the following two equations: Demand: q = a – p Supply: q = 30 + (1+r) p where and p denote the quantity and price, respectively. The parameter a is the...

question in photo plz

Extracted text: 3. Demand and supply for a good are given by the following two equations: Demand: q = a – p Supply: q = 30 + (1+r) p where and p denote the quantity and price, respectively. The parameter a is the maximum price consumers are willing to pay, also known as the choke price, while T represents the tax rate imposed on suppliers. (a) Solve for the equilibrium price and quantity in terms of the parameters a and T. (b) Find the equilibrium price and quantity when T = 10% and a = 50.