Compare the feasibility of producing public goods by tax dollars versus producing them jointly with private funds.
Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax.
|Quantity||Price Buyers Pay||Price Sellers Receive|
|(Bottles of wine)||(Dollars per bottle)||(Dollars per bottle)|
Using the data(FIND data), calculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticity of demand and supply over the relevant ranges using the midpoint method. Enter your results in the following table.
|(Dollars per bottle)|
The burden of the tax falls more heavily on the __elastic side of the market.