3 . Effect of a tax on buyers and sellers The following graph shows the weekly market for handbags in some hypothetical economy. Suppose the government levies a tax of $20.30 per bag. The tax places a wedge between the price buyers pay and the price sellers receive. 100 90 80 Demand Supply 70 60 50 PRICE (Dollars per bag) Tax Wedge 40 30 20 10 10 20 30 40 50 60 70 80 90 100 QUANTITY (Bags of handbags)Complete the following table by lling in the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay Price Sellers Receive (Bags of handbags) (Dollars per bag) (Dollars per bag) [::]:1 l::l:l Before Tax After Tax Using your answers from 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 bag) Elasticity Buyers V Sellers V The tax burden falls more heavily on the side of the market that is V elastic