student workpoint 6.1 Be a thinker-illustrate and explain 1 A product has relatively inelastic demand and also relatively inelastic supply. Draw a diagram to show this and then show the effect of the imposition of a percentage tax on the product. Label the diagram carefully and state the areas corresponding to: a the original revenue of the producer b the revenue of the producer after the tax is imposed c the tax revenue received by the government d the amount of the tax paid by the consumers e the amount of the tax paid by the producers. Would it be sensible for a government to tax a product with such elasticities? Explain your