The following graph shows the daily market for shoes when the tax on sellers is set at 30 per pair. Suppose the government institutes a tax of $40.60 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 carresponding amounts in each grey field will change accordingly. Graph Input Tool 200 + Market for Shoes w / " guans = c 50 i Supply (Fairs of shoes} Dzmand Price Supply Price g_ 140 (Dollars per pair) T (Dollars per pair) 2 T 120 E 100 Supply Shifter S o 80 Demand m Tax on Sellers o (Dollars per pair) & 40 20 [ ST : 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Pairs of shoes) 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 shoes) (Dollars per pair) (Dollars per pair) Before Tax 1 C_ 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 Buyers l:l v 1] Sellers - The burden of the tax falls more heavily on the w elastic side of the market