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21-24. The demand and supply of spam is given by: Demand: P = 100 - 2Q Supply: P = 40 + Q Where P is the price in dollars and Q is the quantity in units. Initially, the market is in equilibrium at Q=20, P=$60. Questions 21 through 24 refer to this market for spam. 21. In equilibrium the elasticity of supply and the elasticity of demand are: A) Es = 1.0, ED = 1.0 B) Es = 1.5, ED = 1.0 C) Es = 2.5, ED = 1.0 D) Es = 3.0, ED = 1.0 E) Es = 1.0, ED = 1.5 F) Es = 1.5, ED = 1.5 G) Es = 2.5, ED = 1.5 H) Es = 3.0, ED = 1.5 I) Must be equal in equilibrium J) None of the above 22. Suppose that a $12 per unit tax is placed on buyers. The share of the tax borne by sellers will be: A) 1/3 B) 2/3 C) 1/2 D) 1/4 E) 1/5 F) 1/6 G) 2/7 H) 0 1 1 J) None of the above 23. The total tax revenue raised will be: A) $240 B) $228 C) $216 D) $204 E) $192 F) $180 G) $168 H) $154 J) None of the above 24. The excess burden of the tax will be: A) $16 B) $8 C) $32 D) $24 E) $48 F) $128 G) $144 H) $216 J) None of the above