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7. Effect of a tax on buyers and sellers The following graph shows the weekly market for craft beer in some hypothetical economy. Suppose the government levies a tax of $11.60 per case. The tax places a wedge between the price buyers pay and the price sellers receive. 50 40 Supply 35 30 Tax Wedge 25 PRICE (Dollars per case) 20 15 10 Demand 10 20 30 40 50 60 70 80 90 100 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) 1 ] 1 ] 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 :l b i Sellers :I v The tax burden falls more heavily on the side of the market that is W elastic