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What is the price and who pays the tax

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Reference no: EM133217555

1) The table in the next column sets out the demand and supply schedules for chocolate brownies.

Price (Cents/Brownie) Quantity Demanded (Millions/Day) Quantity Supplied (Millions/Day)

50 5 3
60 4 4
70 3 5
80 2 6

a. If sellers are taxed 20 cents a brownie, what is the price and who pays the tax?

b. If buyers are taxed 20 cents a brownie, what is the price and who pays the tax?

Reference no: EM133217555

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