Please provide your calculations and explanations. ( No handwriting pls because it is difficult to read..)...

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Assignment 5-Q4 (12 points) The figure depicts the effects of a specific tax of $1000 on car sales. P 1 Compute 1. Tax revenu

Please provide your calculations and explanations. ( No handwriting pls because it is difficult to read..)

Thank you in advance.

business economics

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Answer 1

Answer #1

1)

Per unit tax=t=$1000

Quantity sold after tax imposition=Q'=2400

Tax Revenue of Government=t*Q'=1000*2400=$2,400,000

2)

Р S — сurve D - сurvе Q 2400 3000 Dead weight loss is equal to the triangular shaded area shown in above figure

Dead weight loss=1/2*(1000)*(3000-2400) =$300,000

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Answer 2

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