Suppose that the supply and demand for widgets is given by the following equations: QD = 36 – 3P = -12 + 5P What is the price elasticity of supply O a. -1 b. 5 C. 1/3 d. 5/3 QUESTION 2 Suppose that...

Extracted text: Suppose that the supply and demand for widgets is given by the following equations: QD = 36 – 3P = -12 + 5P What is the price elasticity of supply O a. -1 b. 5 C. 1/3 d. 5/3 QUESTION 2 Suppose that the supply and demand for widgets is given by the following equations: QD = 36 – 3P Qs = -12 + 5P If a tax were imposed on widgets, which of the following would be correct. a. The tax would be split between consumers and producers, but consumers would pay the majority of the tax b. The entire tax would be paid by producers c. The tax would be split between consumers and producers, but producers would pay the majority of the tax d. The entire tax would be paid by consumers