Refer to the graph. Assume the market for this product is in equilibrium at the intersection of D ₂ and S ₁. The shift in supply from S ₁ to S ₂ is due to an excise tax imposed on the product. How much is the tax per unit of product?
Definitions:
Scoria Cone
A small, steep-sided volcanic cone made of glassy lava fragments that have been ejected from a volcanic vent and solidified in the air.
Caldera
A sizable volcanic cavity, usually created by a significant eruption that causes the volcano's mouth to collapse.
Vesicular Basalt
A type of basalt that is porous due to gas bubbles (vesicles) trapped within the lava as it cools on the Earth's surface.
Volcanic Breccia
A type of rock consisting of angular fragments of volcanic material cemented together by finer-grained sediments or volcanic ash.
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