Presume that a market is described by the following demand and supply equations:
Q^S = 2P
Q^D = 300 – P
1. If the per unit amount of the tax is $3, what is the quantity sold after the tax is levied? (Answer is a whole number.)
2. If the per unit amount of the tax is $3, what is the price received by sellers after the tax is levied? (Answer is a whole number.)