The demand relationship for the good is p 25

Economics

"The demand relationship for the good is P = 25 - 3Q. The supply relationship for the good is P = 5 + Q. Who bears the economic incidence of a tax if there is a $1 per unit tax on the buyer of this good? Who bears the statutory incidence? Who bears the statutory and economic incidence if there is a $1 per unit tax on the seller of this good? In determining tax incidence burden, please calculate the tax incidences for both the seller and buyer and draw graph."

I have P=10.75, Q=4.75 for a tax on the buyer. I have P=9.75, Q=4.75 for tax on the seller. I'm not sure what to do next or how to graph this.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91711393

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