Suppose that a specific tax of 3 is imposed on producers of bread. The bread market supply is Qs = 10 + 0.5P and the bread market demand is Qd = 100-P. What is the producers' tax burden?
A) Producers' tax burden is 1.30.
B) Producers' tax burden is 3.00.
C) Producers' tax burden is 2.00.
D) Producers' tax burden is 2.30
Question 2
Suppose that a specific tax of 3 is imposed on consumers of bread. The bread market supply is Qs = 10 + 0.5P and the bread market demand is Qd = 100-P. What is the consumers' tax burden?
A) Consumers' tax burden is 1.30.
B) Consumers' tax burden is 1.00.
C) Consumers' tax burden is 1.50.
D) Consumers' tax burden is 0.30
One Bread, One Body
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