Please provide steps by step answer with proper explanation with final answer The supply and demand for soda in a market is represented byQD = 12 - 8PQS = 50P-60Where Q is in millions of bottles per year and P is dollars per bottle,The current equilibrium price is $1.24, and 2.07 million bottles are sold per year.Calculate the price elasticity of demand and price elasticity of supply at the current equilibrium. Using the formula given inclass, find what share of a tax would be borne by consumers if one were to be implemented in this market. (keep indecimal format 0.## rounded to HUNDREDTH)What would be the share borne by producers?

To solve this problem, we need to calculate the price elasticity of demand and supply at the…

Answered: The supply and demand for soda in a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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