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7. Calculate the equation based on the following given assumption

• Demand is given by the equation: Qd = 200 – P

• Supply is given by the equation: Qs = 100 + P

• A competitive equilibrium exists

a. Determine the equilibrium price and quantity of housing, given the above information.

b. Assume a tax on housing of 10 units ($10,000 if you like) is introduced. Determine the new quantity of housing exchanged and the new price received by producers.

c. Determine the deadweight loss that results from this tax.