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The following graph shows the daily market for jeans. Suppose the government institutes a tax of $23.20 per pair. This places a wedge between the

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The following graph shows the daily market for jeans. Suppose the government institutes a tax of $23.20 per pair. This places a wedge between the price buyers pay and the price sellers receive. 100 90 80 70 Supply 60 Tax Wedge 50 PRICE (Dollars per pair) 40 30 20 10 Demand 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Pairs of jeans)

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