The Data in the Table Below Are for Boxes of Fresh

question 119

Essay

The data in the table below are for boxes of fresh shrimp.
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:

Post Hoc

Post hoc, short for "post hoc ergo propter hoc," is a logical fallacy that assumes a cause-and-effect relationship simply because one event follows another.

Ergo Propter Hoc

A logical fallacy meaning "therefore, because of this," suggesting a cause-and-effect relationship where none exists.

Fallacy

A mistaken belief, especially one based on unsound arguments or logical errors.

Fallacy Of Composition

The erroneous belief that what is true for the individual is necessarily true for the group as a whole.