Econ 142 - P806 Fall 2022 8. (Figure: The Incidence of Tax and Elasticities) Use Figure: The Incidence of Tax and Elasticities. Each panel below shows the application of a tax that raises the price from P1 to P2. When a good or service is characterized by a relatively inelastic supply, as shown in panel , a greater share of the burden of a tax is borne by . Panel A Panel B Price Price 51 P2 ' p2 P1 51 P] E D D 1 l 1 u 1 02 01 Quantity 0201 Quantity Panel C Panel D Price Price 51 51 P2 p2 ' P1 : p] ' 01 l l 11 D1 02 01 Quantity 0201 Quantity a. A; buyers b. B; sellers c. A; sellers d. B; buyers Name: Class: Date: Econ 142 - P806 Fall 2022 9. (Table: Market for Apartments in San Francisco) Use Table: Market for Apartments in San Francisco. If a price ceiling of $1 ,700 is imposed in this market, the result will be inefciency in the form of an million apartments. Table: The Market for Apartments in San Francisco Rent (S/month) Qd (millions) Qs (millions) $2,400 2.4 2,200 1.8 2.2 2,100 l_ 2.1 2,000 2.0 1,900 1.9 1,700 2.3 1.7 1,600 1.6 a. surplus of 0.6 b. shortage of0.6 c. surplus of 0.2 d. shortage of 0.2 10. In New York City, many apartments have a maximum allowable rent that landlords can charge per unit. A rent-control scheme that sets the maximum allowable rent at a price below the equilibrium rental price would MOST likely be supported by: a. people who wish to rent an apartment. 13. people who own rental apartments. 0. both renters and owners. d. neither renters nor owners