Fill out the graph and the blanks then select one of the two answers please.
The following graph shows the weekly market for craft beer in some hypothetical economy. Suppose the government levies a tax of $23.20 per case. The tax places a wedge between the price buyers pay and the price sellers receive. 100 70 Supply Tax Wedge PRICE (Dollars per case) 10 Demand 100 200 300 400 500 600 700 800 9na inon ? 100 8 Supply Tax Wedge PRICE (Dollars per case) 8 8 8 6 8 8 8 8 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Cases of craft beer) Complete the following table by filling 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 (Cases of craft beer) (Dollars per case) (Dollars per case) 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 case) Elasticity Buyers Sellers The tax burden falls more heavily on the side of the market that is elastic. Complete the following table by filling 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 (Cases of craft beer) (Dollars per case) (Dollars per case) Before Tax After Tax 1.04 Using your answers from the previous 2.63 alculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticity of demand and supply over the relevar s using the midpoint method. Enter your results in the following table. 1.92 Tax Burden 0.52 "Dollars per case) El Buyers Sellers The tax burden falls more heavily on the side of the market that is _ elastic. Using your answers from the previous 0.52 alculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticity of demand and supply over the relevar 0.38 s using the midpoint method. Enter your results in the following table. Tax Burden 2.63 (Dollars per case) 1.32 Buyers Sellers The tax burden falls more heavily on the side of the market that is * elastic. wuLUCHI (Dollars per case) Elasticity Buyers less Sellers more The tax burden falls more heavily on the side of the market that is elastic
