The demand curve for football tickets is given by Q=360-10P. The supply of football tickets is Q=20P. (i) What is the equilibrium price and quantity?

(ii) The government now imposes a $4 tax on consumers. What is the after-tax equilibrium price and quantity?

(iii) Calculate the tax incidence borne by producers and consumers in percent terms, i.e., the change in price over the change in taxes. Hint: Consumer Tax Incidence = (Consumer Price- Equilibrium Price) / tax & following the same approach for producer tax incidence.

(iv) What is the total amount of revenue raised by the government?

(v) Now assume instead that a $4 unit tax is levied on producers. Calculate the tax incidence borne by producers and consumers, compare and discuss the new results to your findings in (iii).

(vi) How does the total amount of revenue raised by the government now compares to your findings in (iv)?