Suppose the figure to the right represents the market for cotton. To help reduce debt, the government decides to levy a tax on cotton of $0.60 per pound to 2.40 be paid by cotton farmers. 2.20- 2.00- What is the incidence of this tax? 1.80- Producers pay $ of the $0.60 tax and consumers Supply 1.60- pay $ .(Enter your responses rounded to two 1.40- decimal places.) Price (dollars per pound) 1.20- 1.00- 0.80- 0.60- 0.40 0.20 Demand 0.00- 200 400 600 800 1000 1 201 Quantity (pounds in 1000s)