Please answer C and D. ctivityAc411The data for five-kilo boxes of lobsters are given in the table below.Quantity Supplied(before tax)Quantity Supplied(after tax)Price$90100110120130140QuantityDemanded890880Price:870860850840850860870880890900870850860870880a) Before the tax, what are the equilibrium price and quantity?Price: $110: Quantity:b) Fill in the Quantity Supplied (after tax) column in the table shown above, assuming that a $20-per-unit excise tax is put on theproduct.c) What are the new equilibrium price and quantity?: Quantity:d) What portion of the $20-per-unit excise tax is paid by the seller, and what portion is paid by the consumer?Paid by seller:1%; Paid by consumer:%< PrevSaved7 of 8HOOD1=U&launchUrl=https%253A%252F%252Fnewconnect.mNext >

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The data for five-kilo boxes of lobsters are given in the table below. Quantity Supplied (before tax) Quantity Supplied (after tax) Price $90 100 110 120 130 140 Quantity Demanded 890 880 870 Price: 860 850 840 850 860 870 880 890 900 a) Before the tax, what are the equilibrium price and quantity? Price: $ 110: Quantity: 870 b) Fill in the Quantity Supplied (after tax) column in the table shown above, assuming that a $20-per-unit excise tax is put on the product. c) What are the new equilibrium price and quantity? 850 860 870 880 Quantity: d) What portion of the $20-per-unit excise tax is paid by the seller, and what portion is paid by the consumer? Paid by seller: %; Paid by consumer: %

The data for five-kilo boxes of lobsters are given in the table below. Quantity Supplied (before tax) Quantity Supplied (after tax) Price $90 100 110 120 130 140 Quantity Demanded 890 880 870 Price: 860 850 840 850 860 870 880 890 900 a) Before the tax, what are the equilibrium price and quantity? Price: $ 110: Quantity: 870 b) Fill in the Quantity Supplied (after tax) column in the table shown above, assuming that a $20-per-unit excise tax is put on the product. c) What are the new equilibrium price and quantity? 850 860 870 880 Quantity: d) What portion of the $20-per-unit excise tax is paid by the seller, and what portion is paid by the consumer? Paid by seller: %; Paid by consumer: %

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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