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Suppose the market for grass seed can be expressed as:
Demand : QD = 100 - 2p
Supply : QS = 3p
a. Illustrate on a supply and demand graph and calculate the market equilibrium price and quantity.
b. What is the elasticity of demand at the market equilibrium? Is grass seed considered an elastic or inelastic product?
c. Now assume that the government imposes a $5 specific tax to be collected from sellers. Illustrate the impact of this tax on your graph. Calculate the new market equilibrium price and quantity.
d. What fraction of the tax is paid by sellers? Explain intuitively why the sellers are bearing a different tax burden than the consumers.
e. How much revenue is generated by the tax? Explain intuitively why the amount of revenue generated by the tax will be a function of the elasticities of demand and supply.
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