Figure 4-12
-Refer to Figure 4-12.The figure above represents demand and supply in the market for gasoline.Use the diagram to answer the following questions.
a.How much is the government tax on each gallon of gasoline?
b.What portion of the per-unit tax is paid by consumers?
c.What portion of the per-unit tax is paid by producers?
d.What is the quantity sold after the imposition of the tax?
e.What is the after-tax revenue per gallon received by producers?
f.What is the total tax revenue collected by the government?
g.What is the value of the excess burden of the tax?
Definitions:
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