Tax Incidence: Equilibrium Price, Quantity, and Tax Revenue (alga) Given the following diagram: Tax Incidence III GRAPH Surplus Measures . Tax imposed on: Supply Demand .In' Excise Tax (0 $20) 0.00 I Demand Perfectly . Relavaiy Inelastic Elastic Relatively Elastic Perfectly Elastic 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Quantity {thousands per week) Quantity $50 .00 4,000 $50 .00 4,000 Instructions: Set demand relatively inelastic such that the X intercept of the demand curve is 6 (this corresponds to a vertical intercept of 150), supply relatively elastic such that the vertical intercept is $10, and impose a $7.00 excise tax on buyers. a. What is the equilibrium price buyers pay directly to the sellers? $ |:| b. After paying the tax, what is the total amount buyers pay per unit? 55 |:| c. With the tax, what is the equilibrium quantity? |:| units {Report your answer as a whole number without rounding) cl. How much revenue does the government earn from the tax? $ |:| {Round your answer to a whole number)