Problem
Draw a graph for a competitive market with a relatively elastic demand curve and inelastic supply curve. Illustrate on the graph the impact of imposing a per unit tax on the suppliers of the good in terms of consumer and producer surplus, prices and quantities, as well as how much deadweight loss the tax creates and the revenue it generates for the government. Who bears the larger burden of this tax?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.