Calculate the price and quantity effect of the tax increase.  The price effect (the revenue gained from the increase in T) is $ _______ million.   The quantity effect (the revenue lost from the decrease in Q) is $_______  million. (remember to use a negative sign here since it's lost revenue)

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The following graph shows the weekly market for handbags in some hypothetical economy. Suppose the government levies a tax of $40.60 per bag. The tax places a wedge between the price buyers pay and the price sellers receive. PRICE (Dollars per bag) 88293828 8 8 8 8 8 8 180 100 140 120 100 20 Demand Tax Wedge Supply 100 150 200 200 300 350 400 450 500 QUANTITY (Bags of handbags)

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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 (Bottles of wine) (Dollars per bottle) (Dollars per bottle) Before Tax       After Tax         Using the data you entered in the previous table, calculate the tax burden that falls on buyers and on 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.     Tax Burden Elasticity (Dollars per bottle) Buyers        Sellers          The burden of the tax falls more heavily on the __elastic side of the market.

Kel ng Time: * Question Completion Status: The vertical distance between points and represents a tax in the market. PRICE 12 10 9 8 CO 76 5 inutes, 37 seconds. 4 3 2 1 A B Supply Demand +++ H 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6) QUANTITY Refer to Figure 8-2. The amount of tax revenue received by the government is a. $2.50. b. $9. c. $4. d. $5. A Moving to another question will save this response. Mac