B. Perfectly elastic demand; buyers pay an excise tax Demand: P = 12 Supply: P = 4 + ½Q Tax per unit: t= $4 Equilibrium, no tax: Q* = _l6_ p* = $_12 With tax: QT = %3D %3D Price paid by buyers: PD = $_ Price received by sellers: Ps = $ %3D Percentage of tax shifted = Tax revenue raised: REV = $ Deadweight loss: DWL = $ Tax efficiency ratio: TAXEFF = %3D %3D

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