16. Assume that land is supplied perfectly inelastically and the government places a tax on the value of land. In a Supply and Demand graph label the following: i) Consumer Surplus after the tax(CST), ii) Producer Surplus after the tax(PST), iii) Tax Revenue (TR), Welfare after the tax(WT), v) Deadweight Loss (DWL), vi) Initial output (Q0), vii) Initial Price (P0), viii) Price Buyers Bay (PB), ix) Price Sellers Receive (PS), and Output with the tax(QT). (10 points).

1. 16. Assume that land is supplied perfectly inelastically and the government places a tax on the
value of land. In a Supply and Demand graph label the following: i) Consumer Surplus after the
tax(CST), ii) Producer Surplus after the tax(PST), iii) Tax Revenue (TR), Welfare after the
tax(WT), v) Deadweight Loss (DWL), vi) Initial output (Q0), vii) Initial Price (P0), viii) Price
Buyers Bay (PB), ix) Price Sellers Receive (PS), and Output with the tax(QT). (10 points)