Using the Graph Below, Answer the Following Questions

question 30

Essay

Using the graph below, answer the following questions:
a. What was the equilibrium price in this market before the tax?
b. What is the amount of the tax?
c. How much of the tax will the buyers pay?
d. How much of the tax will the sellers pay?
e. R7
f. R3
g. As a result of the tax, the level of market activity has fallen, from 60 units bought and sold to only 50 units bought and sold.

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