The data in the table below are for boxes of fresh shrimp. $$\begin{array} { c c c c }
\hline \text { Price } & \begin{array} { c }
\text { Quantity } \
\text { Demanded }
\end{array} & \text { Quantity Supplied } & \begin{array} { c }
\text { Quantity } \
\text { Supplied After } \
\text { Tax }
\end{array} \
\hline \$ 80 & 420 & 480 & \
75 & 430 & 470 &\
70 & 440 & 460 & \
65 & 450 & 450 &\
60& 460 & 440 & \
55&470&430 \
\hline
\end{array}$$ a) Before the tax, what is the equilibrium price and quantity?
b) Fill in the Quantity Supplied After Tax column assuming that a $10 per unit excise tax is put on the product.
c) What is the new equilibrium price and quantity?
d) What portion of the $10 per unit tax is paid by the seller and what portion is paid by the consumer?

Question

The data in the table below are for boxes of fresh shrimp. $$\begin{array} { c c c c } 
\hline \text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} & \text { Quantity Supplied } & \begin{array} { c } 
\text { Quantity } \
\text { Supplied After } \
\text { Tax }
\end{array} \
\hline \$ 80 & 420 & 480 & \
75  & 430 & 470 &\
70 & 440 & 460 & \
65   & 450 & 450 &\
60& 460 & 440 & \
55&470&430  \
\hline
\end{array}$$ a) Before the tax, what is the equilibrium price and quantity?
b) Fill in the Quantity Supplied After Tax column assuming that a $10 per unit excise tax is put on the product.
c) What is the new equilibrium price and quantity?
d) What portion of the $10 per unit tax is paid by the seller and what portion is paid by the consumer?

Quizplus · Accepted Answer

The Answer of The data in the table below are for boxes of fresh shrimp. $$\begin{array} { c c c c } 
\hline \text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} & \text { Quantity Supplied } & \begin{array} { c } 
\text { Quantity } \
\text { Supplied After } \
\text { Tax }
\end{array} \
\hline \$ 80 & 420 & 480 & \
75  & 430 & 470 &\
70 & 440 & 460 & \
65   & 450 & 450 &\
60& 460 & 440 & \
55&470&430  \
\hline
\end{array}$$ a) Before the tax, what is the equilibrium price and quantity?
b) Fill in the Quantity Supplied After Tax column assuming that a $10 per unit excise tax is put on the product.
c) What is the new equilibrium price and quantity?
d) What portion of the $10 per unit tax is paid by the seller and what portion is paid by the consumer?

The Data in the Table Below Are for Boxes of Fresh