Answer Happy

Questions 1-7 refer to Figure 1 below. Figure 1 Р Pya P, C P₂ of 1. [2] Consider the chart below. The statutory incidence is on the consumer. 2. [2] A shift from S, to S, represents an increase in supply. 3. [4] The economic incidence of a tax (who ultimately bears the burden of the tax) is completely independent of the statutory incidence of the tax (the entity on whom the tax is levied by the government). 4. [3] The market (equilibrium) price after the tax is imposed is p.. FILL IN THE BLANK. Question 5-7 refer to Figure 1 below. After evaluating each question enter the appropriate letters in a proper sequence in Canvas. All letters have a dot associated with them, and they range from a g. For example, you might enter "ab" or "abc" or "abcd" (no quotes). Important: Enter the sequence clockwise. In some cases, multiple sequences of letters could be correct. I have accounted for this in Canvas; that is, in these cases, any combination of letters that is correct will be marked correct. Enter only one sequence of letters. 5. [4] What is area representing the tax burden faced by the consumer? 6. [4] How much tax revenue is collected? 7. [4] What is the excess burden associated with this tax? Page 1 of 3