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Question 7 (7 points) Suppose that the demand and supply functions for a good are given as follows: Demand: OD _ 625 P05 Supply: Qs

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Question 7 (7 points) Suppose that the demand and supply functions for a good are given as follows: Demand: OD _ 625 P05 Supply: Qs = pls Suppose now that government imposes $12 tax per unit of output on sellers. What is the burden on buyers and sellers, respectively? $6, $6 $3, $9 $9, $3 $0, $12 Previous Page Next Page Page 7 of 15

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