question attached! 1009080Supply7060Tax We 42, 46.85040302010Demand++102030405060708090100QUANTITY (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.QuantityPrice Buyers PayPrice Sellers Receive(Pairs of shoes)(Dollars per pair)(Dollars per pair)Before Tax0.00After TaxUsing the data you entered in the previous table, calculate the tax burden that falls on buyers and on 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.Tax Burden(Dollars per pair)ElasticityBuyersSellersThe burden of the tax falls more heavily on theelastic side of the market.PRICE (Dollars per pair)

We are going to calculate, tax burden on buyers and sellers as well as elasticity of demand and…

Answered: 100 90 80 Supply 70 60 Tax Wel 42, 46.8…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 10PA

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If the market price before the tax is $10.05, the tax implemented is $5.9 on buyers, and the market price after the tax is 13.22, then the tax incidence on sellers is what?
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Please tapy answer discuss the five objectives of taxation

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