QUESTION 1 100 90 80 70 30 50 40 D 30 20 10 90 540 60 160 270 340 Suppose a $10 tax were imposed in the market above, what is the tax-incidence? 450 O a. 1 b. 1/2 . Zero O d. infinity QUESTION 2 270 180 380 450 540 630 -uppose a $10 tax were imposed in the market above, what is the tax-incidence? O a.1 O b. 1/2 . zero O d. infinity QUESTION 2 Elasticity Price elasticity of demand for chicken wings Price elasticity of supply for chicken wings Income elasticity of demand for chicken wings Cross Price elasticity of demand for chicken wings and hamburger Income elasticity of demand for steak Estimate -0.40 2.30 0.75 0.20 1.20 Which of the following is correct? a. steak and chicken wings are both inferior goods o b. steak is a normal good and chicken wings are inferior O steak and chicken wings are both normal goods d. steak is an inferior good and chicken wings is a normal good QUESTION 3 Elasticity Price elasticity of demand for chicken wings Estimate