Question

Is the sales tax progressive, regressive or flat with respect to income? 5.4 Calculate the total Consumer Surplus for the following. The following data reveals how much each consumer is willing to pay for an Alaskan cruise: Amy $9003 Edwin $2,000 Bob $1,000 George $1,300 Carol $1,500 Henry $1,800 Edwardo $4002 Irving $1,500 Raymond $1,2005 Joseph $300 Draw the market demand curve for each of these 10 consumers. If the cruise costs $1,000 how many passengers will there be? 7 If the cruise costs $1,000 how much revenue will be collected? If the cruise costs $1,000 how much consumer surplus will those passengers enjoy? Optimal Consumption of good x and good y: Maximization Rule = Maximization of Utility given a Budget Constraint = Marginal Utility of good x/Price of good x = Marginal Utility of good y/Price of y Calculate Consumption Bundle using the following information Price of Good x $5. Price of Goody $20 and Income = $200 $ / u & 3 x Quantity Consumed Total Utility Quantity Consumed Total Utility DOWN auw 48 Calculate: Price Elasticity of Demand = % Change in Quantity Demanded/%Change in Price ($.35 to $.30) Cross Price Elasticity of Demand -% Change in Quantity Demanded/% Change in Price of Other Good ($6 to $5) Income Elasticity of Demand =% Change in Quantity Demanded/% Change in Income ($110 to $120) Price Elasticity of Supply = % Change in Quantity Supplied/% Change in Price Table B - $6 to $7) Determine if elastic, inelastic or unitary elastic and calculate total revenue.

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Answer 1