MindTap - Cengage Learning X Course Hero X + V X -> C eng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966655&snapshotld=3545333& G ABP Marvin v CENGAGE | MINDTAP Q Search this course ? My Home Homework (Ch 06) X Courses 7. Effect of a tax on buyers and sellers Catalog and Study Tools The following graph shows the weekly market for handbags in some hypothetical economy. Suppose the government levies a tax of $40.60 per bag. The tax places a wedge between the price buyers pay and the price sellers receive. A-Z Rental Options College Success Tips (?) Career Success Tips ? Help 200 Give Feedback 180 160 bongo Demand 140 Supply 120 100 PRICE (Dollars per bag) Tax Wedge 80 60 A+ 40 20 O 0 200 300 400 500 600 700 800 900 1000 O QUANTITY (Bags of handbags) Type here to search a 9 IS&P... "() 10:11 AM 16 p 10/6/2023MindTap - Cengage Learning X Course Hero X + V X -> C eng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966655&snapshotld=3545333& G ABP Marvin v CENGAGE |MINDTAP Q Search this course ? My Home Homework (Ch 06) X Courses 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Bags of handbags) Catalog and Study Tools A-Z Rental Options College Success Tips Career Success Tips ? Help Complete the following table by filling in the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Give Feedback Quantity Price Buyers Pay Price Sellers Receive (Bags of handbags) (Dollars per bag) ( Dollars per bag) Before Tax bongo 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. A+ Tax Burden (Dollars per bag) Elasticity Buyers Sellers The tax burden falls more heavily on the side of the market that is elastic. Type here to search a 10:11 AM 16 P 9 N IS&P... 8 4() 10/6/2023