Complete the following table by filling in the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay Price Sellers Receive (Cases of craft beer) (Dollars per case) (Dollars per case) Before Tax After Tax Using your answers from 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.

Correctly illustrate the market (supply and demand curve). Make sure to correctly shade the area of the tax. a) Washington state has a salmon market which sells salmon at a price of P. At that price, Q lbs. of salmon will be consumed in one week. Elasticity of supply: relatively elastic Elasticity of demand: relatively inelastic In addition, suppose Washington state were to levy an excise tax collected by producers.

The figure below represents the market for Gasoline, where initially the equilibrium price was $5.60. The picture shows the effect of a $1.50 tax on gasoline. Using the information from the figure, what is the price elasticity of supply(Using the Midpoint method) when moving from equilibrium to the new supply after the tax?(round your answer to 2 decimal places)

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