The supply and demand equations of a good are given by :
Qs=-8+P and Qd= (80/3)-(1/3)P
respectively. P is measured in dollars. Suppose the government decides to impose a constant per unit tax of $t on the supplier.
1) Find the equilibrium in terms of t.
2) Using the expression in part 1 find the value of T that maximizes the government's total tax revenue.