The following graph shows the daily market for jeans when the tax on sellers is set at $0 per palt. Suppose the government Institutes a tax of $23.20 per pair, to be paid by the seller. (Hint: To see the impact of the tax, enter the value of the tax in the Tax on Sellers field and move the green line to the after-tax equilibrium by adjusting the value in the Quantity field. Then, enter zero in the Tax on Sellers field. You should see a tax wedge between the price buyers pay and the price sellers receive.) Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Jeans 200 180 50 160 1 Quantity (Pairs of jeans) Demand Price (Dollars per pair) 300.00 Supply Supply Price (Dollars per pair) 68.00 140 120 PRICE (Dollars per pair) Supply Shifter 100 80 Tax on Sellers (Dollars per pair) 0.00 pemand 50 40 20 0 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Pairs of jeans) 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Pairs of Jeans) Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay Price Sellers Receive (Pairs of jeans) (Dollars per pair) (Dollars per pair) Before Tax After Tax Using the data you entered in the previous table, calculate the tax burden that falls on buyers and sellers, respectively, and calculate the price elasticity of demand and supply throughout the relevant ranges using the midpoint method. Enter your results in the following table. Tax Burden (Dollars per pair) Elasticity less Buyers Sellers more The burden of the tax falls more heavily on the elastic side of the market. Grade It Now Save & Continue Continue without saving