The demand and supply schedules for turnips are: Price (dollars per bunch) Quantity demanded Quantity supplied (bunches per week) 10 12 14 16 18 100 90 80 70 60 40 60 80 100 120

i. If turnips are not taxed, what is the equilibrium price and how many bunches are bought?

ii. If sellers are taxed $6 a bunch, what is the price and who pays the tax?

iii. If buyers are taxed $6 a bunch, what is the price and who pays the tax? iv. What are governments' tax revenues in both cases?

(Hint: Draw demand and supply curves on same the graph using values from the table. Take price on Y-Axis and quantity demanded and quantity supplied on X-Axis)