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How is burden of tax shared between buyers and sharers

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Reference no: EM132206725

Question: The demand and supply functions for hockey sticks are given by

Qd = 286 - 20p

Qd = 88 - 40p

In order to raise revenue to finance minor hockey so that Canada can continue its gold metal streak at the Olympics, the government decides to add a 2$ tax per hockey stick sold to be paid by the buyers. Determine the equilibrium price and quantity both before and after the tax. How is that burden of the tax shared between buyers and sharers.

Reference no: EM132206725

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