The Data in the Table Below Are for Boxes of Fresh

question 137

Essay

The data in the table below are for boxes of fresh shrimp. $$\begin{array} { c c c c } \hline \text { Price } & \begin{array} { c } \text { Quantity } \\\text { Demanded }\end{array} & \text { Quantity Supplied } & \begin{array} { c } \text { Quantity } \\\text { Supplied After } \\\text { Tax }\end{array} \\\hline \$ 80 & 420 & 480 & \\75 & 430 & 470 &\\70 & 440 & 460 & \\65 & 450 & 450 &\\60& 460 & 440 & \\55&470&430 \\\hline\end{array}$$ a) Before the tax, what is the equilibrium price and quantity?
b) Fill in the Quantity Supplied After Tax column assuming that a $10 per unit excise tax is put on the product.
c) What is the new equilibrium price and quantity?
d) What portion of the $10 per unit tax is paid by the seller and what portion is paid by the consumer?

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Definitions:

Percent Format

A numeric format in spreadsheets or databases that displays values as a percentage, multiplying the actual number by 100 and adding a percent sign.

Field Size

Specifies the maximum amount of data storage allocated for a particular field in a database table.

Table Datasheet

A view that displays database tables in rows and columns, similar to a spreadsheet.

Default Value

A predefined value automatically assigned to a field or parameter if no other value is provided by the user.