Table 41 Shows the Demand and Supply Schedules for Bottles of of Wine

question 168

Essay

Table 4.1 shows the demand and supply schedules for bottles of wine (in thousands) for the economy of Newtown. $$\begin{array}{l}\text { Table } 4.1\\\begin{array} { l l l l } \hline \mathrm { P } & \mathrm { Q } _ { \mathrm { D } } & \mathrm { P } & \mathrm { Q } _ { \mathrm { S } } \\\hline 34 & 8 & 34 & 28 \\32 & 13 & 32 & 23 \\30 & 18 & 30 & 18 \\28 & 23 & 28 & 13 \\\hline\end{array}\end{array}$$ a) If the government impose $4 per unit tax, what will be the new price and quantity?
b) What will be the total tax revenue?
c) What portion of the tax revenue is paid by the consumers?

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Definitions:

Colonial Understanding

The comprehension or interpretation of colonial history, including the dynamics between colonizing powers and colonized peoples, and the impact of colonization on societies.

Planter

Refers to a landowner in the pre-Civil War South who owned slaves and engaged in agriculture, typically cultivating cash crops.

British Concept

This term is broad and could refer to an idea, principle, or theory originating from or intrinsic to Britain, but requires further context for a specific definition.

Eighteenth Century

The eighteenth century, spanning the years 1701 to 1800, is often characterized by the Enlightenment, significant colonial expansion, and numerous wars in Europe.