Homework (Ch 06) 100 PRICE (Dollars per bag) 90 80 Demand Supply 70 60 40 20 10 9 Tax Wedge +++ 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Bags of handbags) Complete the following table by filling in the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity (Bags of handbags) Price Buyers Pay (Dollars per bag) Price Sellers Receive (Dollars per bag) Before Tax After Tax Using your answers from the previous table, calculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticity of demand and supply over the relevant ranges using the midpoint method. Enter your results in the following table. Tax Burden (Dollars per bag) Elasticity

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