Question: Using the graph shown, answer the following questions. a) What was the equilibrium price and quantity in this market before the tax? b) What is

Using the graph shown, answer the following questions. a) What was the equilibrium price and quantity in this market before the tax? b) What is the amount of the tax? c) How much of the tax will the buyers pay? d) How much of the tax will the sellers pay? What can you say about the relative elasticity if supply and demand curves in this market? Why?

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