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consider the following policies, each of which is aimed at reducing violent crime by reducing the use of guns. Illustrate the effect of each of these proposed policies in a demand and supply diagram of the gun market. For each question, show the price paid by consumers, th eprice received by producers an dthe quantity of guns sold. For each question say what is the difference between the price paid by consumers and the price received by producers in each case? For each question say whether the number of guns sold increased or decreased?
Use a new diagram for each question
a) A tax on gun buyers
b) A tax on gun sellers
c) A binding price floor on guns
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