3. Suppose the demand and supply for apples is given by the following supply and demand...

 

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3. Suppose the demand and supply for apples is given by the following supply and demand curves: Qs = (1/3)P -(4/3) and Qp = 12-P. a) Graph and calculate the equilibrium price [P*] and quantity [Q*). b) Show that the effect of a per-unit tax of Sı levied on suppliers is the same as when leviced on buyers. c) What percent of the $1 per-unit tax is borne by sellers? What percent is borne by buyers? 3. Suppose the demand and supply for apples is given by the following supply and demand curves: Qs = (1/3)P -(4/3) and Qp = 12-P. a) Graph and calculate the equilibrium price [P*] and quantity [Q*). b) Show that the effect of a per-unit tax of Sı levied on suppliers is the same as when leviced on buyers. c) What percent of the $1 per-unit tax is borne by sellers? What percent is borne by buyers?