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The following graph shows the daily market for jeans. Suppose the government institutes a tax of $11.60 per pair. This places a wedge between the price buyers pay and the price sellers receive. 50 45 10 Supply 35 30 dars per pair Tax Wedge 15 20 PRICE 15 10 5 Demand 0 0 50 100 400 450 500 150 200 250 300 350 QUANTITY (Pairs of jeans) Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity (Pairs of jeans) Price Buyers Pay (Dollars per pair) Price Sellers Receive (Dollars per pair) Before Tax After Tax Quantity (Pairs of jeans) Price Buyers Pay (Dollars per pair) Price Sellers Receive (Dollars per pair) Before Tax After Tax Using the data you entered in 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 pair) Elasticity Buyers Sellers elastic side of the market. The burden of the tax falls more heavily on the 50 45 40 Supply 35 30 Tax Wedge PRICE (Dollars per pair) 25 20 15 10 5 Demand 0 400 100 0 50 450 500 150 200 250 300 350 QUANTITY (Pairs of jeans) Assignment Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay (Pairs of jeans) (Dollars per pair) Price Sellers Receive (Dollars per pair) Before Tax After Tax Using the data you entered in 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 pair) Elasticity Buyers Sellers elastic side of the market. The burden of the tax falls more heavily on the