i need help with this question 8 from my microeconmics assigments. i have already gotten it wrong twice. ### Tax Incidence on Buyers and SellersFill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax.| | Quantity (Pairs of jeans) | Price Buyers Pay (Dollars per pair) | Price Sellers Receive (Dollars per pair) ||----------------|---------------------------|-------------------------------------|------------------------------------------|| **Before Tax** | | | || **After Tax** | | | |---Using the data from the previous table, the tax burden that falls on buyers is $______ and the tax burden of sellers is $______.The burden of the tax falls more heavily on the ______ elastic side of the market.---### Explanation:#### Data Table- **Columns:** - Quantity: Representing the number of pairs of jeans sold. - Price Buyers Pay: The price per pair of jeans that buyers have to pay. - Price Sellers Receive: The price per pair of jeans that sellers receive after tax.#### Fillable Fields:- Data for quantities and prices before and after the tax needs to be provided.- Calculation of the tax burden separately for buyers and sellers.- A determination of which side of the market (buyers or sellers) is more elastic and thus bears more of the tax burden.Understanding these elements will help in analysis of market behavior under tax conditions and the distribution of tax burdens between consumers and producers. ### Effect of a Tax on Buyers and SellersThe following graph shows the daily market for jeans when a tax on sellers is set at $0 per pair.Suppose the government institutes a tax of $5.80 per pair, to be paid by the seller. (*Hint: To see the impact of the tax, enter the value of this tax in the Tax on Sellers field and move the green line to the after-tax equilibrium by adjusting the value in the Quantity field. Then enter zero in the Tax on Sellers field. You should see a tax wedge between the price buyers pay and the price sellers receive.*)### Graph DescriptionThe graph represents the market dynamics for jeans, showing the relationship between the quantity (pairs of jeans) on the x-axis and the price (dollars per pair) on the y-axis. - The **Supply Curve** (orange line) represents the relationship between the price and the quantity supplied.- The **Demand Curve** (blue line) represents the relationship between the price and the quantity demanded.### Graph Input Tool#### Market for Jeans1. **Quantity (Pairs of Jeans)**: - Users can input the quantity of pairs of jeans to see its effect on the demand and supply prices. 2. **Demand Price (Dollars per pair)**: - This field shows the price buyers are willing to pay for the specified quantity. For example, at a quantity of 10 pairs of jeans, the demand price is $75.00.3. **Supply Price (Dollars per pair)**: - This field shows the price at which sellers are willing to sell the specified quantity. For example, at a quantity of 10 pairs of jeans, the supply price is $17.00.#### Supply Shifter- **Tax on Sellers (Dollars per pair)**: - This field allows users to input the tax amount to see its effect on the supply curve. Initially set to $0.00, users can change this value to observe changes in the market equilibrium.### InstructionsUse the graph input tool to help answer questions about the graph. You will not be graded on any changes you make to this graph.**Note**: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.---By experimenting with different values in the input tool, one can observe how a tax impacts the prices buyers pay and the prices sellers receive

Quantity Price buyers pay Price sellers receive Before Tax 250 $ 25 $25 After…

Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay Price Sellers Receive (Pairs of jeans) (Dollars per pair) (Dollars per pair) Before Tax After Тах Using the data from the previous table, the tax burden that falls on buyers is and the tax burden of sellers is s The burden of the tax falls more heavily on the elastic side of the market.

Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay Price Sellers Receive (Pairs of jeans) (Dollars per pair) (Dollars per pair) Before Tax After Тах Using the data from the previous table, the tax burden that falls on buyers is and the tax burden of sellers is s The burden of the tax falls more heavily on the elastic side of the market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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