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Suppose that the government introduces a tax t = 20 per unit traded of a product, whose market demand and supply schedules are QD = 100 pand QS = 3p, respectively.
(a) Suppose that the tax is paid by the sellers. Determine the quantityQt traded in this market as well as the price pD paid by the buyers and the price pS received by the sellers (after taxes). Use a graphical representation of the corresponding market to illustrate this solution.
(b) Calculate the governmentís revenue. Do the buyers or the sellers suffer most the e§ect of the tax? Why?
(c) Is the preceding solution e¢ cient? If not, obtain the e¢ cient solution and calculate (numerically) the deadweight loss. Illustrate with a graph.
(d) How do the answers to parts (a) and (b) change if the buyer pays the tax. Explain.
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