nsider the following supply and demand curves Price = 35-4*Q Price = 3*Q Suppose the government places a 7-dollar tax on producers. Doing so would generate _____ dollars of revenue. Suppose now instead of putting a 7-dollar tax on producers, the government put the 7-dollar tax on consumers. Doing so would generate _______ dollars of revenue. In this case, consumers would pay _____ percent of the tax. Give typed answer ASAP with proper step by ste
nsider the following supply and demand curves Price = 35-4*Q Price = 3*Q Suppose the government places a 7-dollar tax on producers. Doing so would generate _____ dollars of revenue. Suppose now instead of putting a 7-dollar tax on producers, the government put the 7-dollar tax on consumers. Doing so would generate _______ dollars of revenue. In this case, consumers would pay _____ percent of the tax. Give typed answer ASAP with proper step by ste
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section5.A: Appendix: Price Elasticity And Tax Incidence
Problem 1AQ
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Consider the following
Price = 35-4*Q
Price = 3*Q
Suppose the government places a 7-dollar tax on producers. Doing so would generate _____ dollars of revenue.
Suppose now instead of putting a 7-dollar tax on producers, the government put the 7-dollar tax on consumers. Doing so would generate _______ dollars of revenue.
In this case, consumers would pay _____ percent of the tax.
Give typed answer ASAP with proper step by step explanation.
Will give upvote only for the correct answer .
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