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6 Refer to the interactive below: Tax Burden In. GRAPH Tax Burden On SETTINGS Reset points Skipped ($) Price Tax imposed on: Supply Demand 90 $90.00 Excise Tax (0 - $20) 0.00 80 eBook S 70 Demand 60 Perfectly Relatively References Inelastic Elastic 50. . . . . ....... . . .. Relatively Elastic 40 30 20 $20.00 10 . . . . . . . . . . . . . . Supply Less Perfectly Elastic Elastic Relatively Elastic EEEE CALCULATIONS 0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Quantity Price Paid Quantity (thousands per week) No Tax Burden on Burden on Tax Revenue Welfare Loss $50.00 4,000 the Consumer the Producer (Deadweight Loss) With Tax Tax Paid Tax Paid $50.00 4,000 Instructions: Adjust the sliders so that the vertical intercept of the supply curve is $20 and the vertical intercept of demand curve is $90. Click the Tax Burden switch above the graph to On. Make additional modifications to the interactive tool as indicated to answer the following questions a) If there is no tax, the equilibrium price is $50. If a $10 tax paid on buyers is implemented, the buyer will pay $ and the burden of the tax ( (Click to select) Report the price to two decimal places.6 Refer to the interactive below: Tax Burden In. GRAPH Tax Burden On SETTINGS Reset points Skipped ($) Price Tax imposed on: Supply Demand 90 $90.00 Excise Tax (0 - $20) 0.00 80 eBook S 70 Demand 60 Perfectly Relatively References Inelastic Elastic 50. . . . . . .... . . . . Relatively Elastic 40 Supply 30 Less Perfectly Elastic Elastic 20 $20.00 Relatively Elastic 10 CALCULATIONS 1.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Quantity Price Paid Quantity (thousands per week) Burden on Burden on No Tax Tax Revenue Welfare Loss $50.00 4,000 the Consumer the Producer (Deadweight Loss) Tax Paid Tax Paid + With Tax $50.00 4,000 Instructions: Adjust the sliders so that the vertical intercept of the supply curve is $20 and the vertical intercept of demand curve is $90. Click the Tax Burden switch above the graph to On. Make additional modifications to the interactive tool as indicated to answer the following questions. a) If there is no tax, the equilibrium price is $50. If a $10 tax paid on buyers is implemented, the buyer will pay $ and the burden of the ti v (Click to select) Report the pi is entirely paid by buyers is entirely paid by sellers b) Suppose the is shared by buyers and sellers to become less elastic (and even perfectly inelastic) with the original equilibriumInstructions: Adjust the sliders so that the vertical intercept ofthe supply curve is $20 and the vertical intercept of demand curve is $90. Click the Tax Burden switch above the graph to On. Make additional modications to the interactive tool as indicated to answer the following questions. a) lfthere is no tags, ' 9mlfa $10 tax paid on buyers is implemented, the buyer will pay 35 |:| and the burden of the tax: Report the price to two'BecirHaTbTa'c'es. b) Suppose the demand curve gradually changed to become less elastic (and even perfectly inelastic) with the original equilibrium remaining at (GP) = (4000, $50) and no other changes. Complete the following statements that describe the effects of this change in demand elasticity. i) The quantity bought and sold decreases and then increases increases and then decreases does not change increases decreases ii) The government's revenue increases increases and then decreases decreases does not change decreases and then increases iii) The consumers' share of the tax burden, measured as percentage of government's revenue derived from consumers, decreases increases does not change increases and then decreases decreases and then increases iv) The producers' share of the tax burden, measured as percentage of government's revenue derived from producers, does not change decreases and then increases increases and then decreases increases decreases