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.PRICE (Dollars per pair)2 2 2 2 2 2 2 2 O504035Supply3025#15Demand105450I0 10 20 30 40 50 60 70 80 90 100QUANTITY (Pairs of shoes)Before TaxAfter TaxBuyersSellersGraph Input ToolMarket for ShoesQuantity(Pairs of shoes)Tax Burden(Dollars per pair) ElasticityDemand Price(Dollars per pair)The burden of the tax falls more heavily on theFill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax.QuantityPrice Buyers Pay(Dollars per pair)Price Sellers Receive(Dollars per pair)(Pairs of shoes)5025.001075.00elastic side of the market.Supply Price(Dollars per pair)Supply ShifterTax on Sellers(Dollars per pair)Using the data you entered in the previous table, calculate the tax burden that falls on buyers and sellers, respectively, and calculate the priceelasticity of demand and supply over the relevant ranges using the midpoint method. Enter your results in the following table.17.000.00

The tax burden is the estimate of tax charges by the government, which is borne by the consumers or…

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. 50 40 35 Supply 30 25 A Demand 10 5 40 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Pairs of shoes) PRICE (Dollars per pair) 45 0 Before Tax After Tax Buyers Sellers Tax Burden (Dollars per pair) Graph Input Tool Elasticity Market for Shoes The burden of the tax falls more heavily on the Quantity (Pairs of shoes) Demand Price (Dollars per pair) 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 (Dollars per pair) 25.00 Price Sellers Receive (Dollars per pair) (Pairs of shoes) 50 10 75.00 elastic side of the market. Supply Price (Dollars per pair) Supply Shifter Tax on Sellers (Dollars per pair) 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 over the relevant ranges using the midpoint method. Enter your results in the following table. (?) 17.00 0.00

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter1A: Appendix: Working With Graphs

Section: Chapter Questions

Problem 1E