Tax Incidence: Equilibrium Price, Quantity, and Tax Revenue (alga) Given the following diagram: Tax Incidence III GRAPH Surplus Measures . Tax imposed on: Supply Demand 1-\\ Excise Tax (0 $20) 100 I Demand Perfectly 50 ': '.::'.:.-: -.- Mastic . Relatively Inelastic Supply Less Elastic . Relatively Elastic a CALCULATIONS 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9 0 I Quantity 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 seilers? $ |:| b. After paying the tax, what is the total amount buyers pay per unit? 55 Cl C. With the tax, what is the equilibrium quantity? |:| units (Report your answer as a whole number without rounding) d. How much revenue does the government earn from the tax? $ |:| (Round your answer to a whole number)