7. Effect of a tax on buyers and seller The following graph shows the daily market for Jeans Suppose the government inst

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7. Effect of a tax on buyers and seller The following graph shows the daily market for Jeans Suppose the government institutes a tex of $20.30 per a This places wedge the price buyers pay and the price sellers receive PRICE (Dolars per pa RENR Demand Tax Wedge OL 7900 6 S 1 d> CHA WIND22 OB
100 90 80 70 8 PRICE (Dollars per pair) 8 8 50 20 10 0 0 T Demand 10 20 Tax Wedge Supply 30 40 50 60 70 QUANTITY (Pairs of jeans) 30 100
Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax Quantity Price Buyers Pay (Pairs of jeans) (Dollars per pair) Price Sellers Receive (Dollars per pair) Before Tax- After Tax Using the data you entered in the previous table, calculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticity of demand and supply over the relevant ranges using the midpoint method. Enter your results in the following table Tax Burden (Dollars per pair) Elasticity Buyers Sellers The burden of the tax falls more heavily on the elastic side of the market. OL incaming A-Z D 08 < 135 PM 5/28/2022 E