6. Governor Gavin Newsom wants to raise money. He has a choice of imposing an excise tax of the same amount on one of two previously untaxed goods: restaurant meals or sales of gasoline. Both the...

Extracted text: 6. Governor Gavin Newsom wants to raise money. He has a choice of imposing an excise tax of the same amount on one of two previously untaxed goods: restaurant meals or sales of gasoline. Both the demand and the supply of restaurant meds are more elastic than the demand for and the supply of gasoline. Do the following: a. Draw a diagram that illustrates the tax revenue and deadweight loss from taxation of restaurant meals b. Draw a diagram that illustrates the tax revenue and deadweight loss from taxation of [gasoline. If the goal was to maximize government tax revenue, which item should be taxed? |Why? c.