Please explain how you get new amount of luxury boats for the tax revenue. 40% percent tax3 million 270 boats pre tax4.2 million ??? boats taxed How do I get the new amount of luxury boats? What formula? Show all work.

The data describes lhe market for luxury boats. The supply 01 luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats the price is $3 million and 270 luxury boats a week are bought. Now the government puts 40 percent tax on luxury boats. With the tax imposed, the price ofa luxury boat is . Price (millions of dollars per boat) 0' 4.80 V $4.20 million Q $1.20 million 2' $270 million 4 20 tax D $3 million $3.60 million 3 so