3 . Effect of a tax on buyers and sellers The following graph shows the weekly market for craft beer in some hypothetical economy. Suppose the government levies a tax of $40.60 per case. The tax places a wedge between the price buyers pay and the price sellers receive. ('3 200 180- 160 Demand Supply _. .e. '3 121 +++ Tax Wedge + PRICE (Dollars per case} 50 100 150 200 250 300 350 4W 4-50 5-00 (JUlRlllTITN-r {Cases of craft beer} Complete the following table by lling in the quantity sold, the pace buyers Pay, and the price sellers receive before and e'er the tax. Quantrty Price Buyers Pay Price Sellers Receive ( Cases of craft beer) (Dollars per case) (Dollars per case) ........... I: i: new 1. :1 Using your answers 'om the previous table, calculate the tax burden that falls on buyers andI on sellers, respectively, and calculate the price elasllcity of demand and supply over the relevant ranges using the midpoint method. Enter your results in the following table. Tax Burden (Dollars per case) Elastlclty Buyers \\:| L Sellers \\:| L The tax burden falls more heavilyr on the side of the market that is V elastic