Question: (1.5 points] Consider the property tax model covered in class. Unlike the model covered in class, assume that housing supply curve is upward sloping. Draw

 (1.5 points] Consider the property tax model covered in class. Unlike
the model covered in class, assume that housing supply curve is upward

(1.5 points] Consider the property tax model covered in class. Unlike the model covered in class, assume that housing supply curve is upward sloping. Draw the following two diagrams. 1) a diagram showing equilibrium before the property tax. Indicate equilibrium prioe, quantity. consumer surplus, and producer surplus on the diagram. 2] a diagram showing how equilibrium changes due to the property:r tax. Specifically, mark the original equilibrium before tax, the new equilibrium after tax, tax burdens borne by developer and households, consumer surplus, producer surplus, government tax revenue, and deadweight loss due to the tax

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