Homework Answers
12) Deadweight loss is highest when demand and / or supply is inelastic. This is because reduction in quantity is smallest and so tax burden is greater. Select S1 which is the most inelastic supply. Select option B
18) Supply decreases and this raises the price for buyers. There is an upward movement along the demand curve and the quantity of boats purchased is reduced. Select option B
17) Tax revenue is (16 - 6)*300 = $3000. Select option C
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QUESTION 12 Figure: The graph below shows a demand curve and four supply curves 1 Price...
I need help solving this Asap. thanks alot. Figure 1: Supply and Demand in the Market...
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
QUESTION 25 Figure: The figure below indicates a tax size of AB. 1 Price + Supply...
QUESTION 25 Figure: The figure below indicates a tax size of AB. 1 Price + Supply + + Demand + + + + + + + + + + 5 10 15 20 25 30 35 40 45 50 55 60 Quantity Refer to Figure 8-7. Which of the following statements is true about tax incidence? a. Buyers pays less tax then the sellers b. Buyers and sellers share the same burden of tax. C. Buyers and sellers both will...
Please help with these questions.. thank you. Price ($/unit) Supply Demand OL 10 11 12 13 17 Quantity (units) 18. Re...
Please help with these questions.. thank you.
Price ($/unit) Supply Demand OL 10 11 12 13 17 Quantity (units) 18. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. What is the total loss of consumer surplus resulting from this tax? a $18 b. $32 C. $36 d. $48 19. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. Which is correct?...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
border. Question 1. [11 marks] The graph shows the supply and demand curves. Suppose after a...
border. Question 1. [11 marks] The graph shows the supply and demand curves. Suppose after a tax is imposed, the quantity traded decreases to 50. Answer the following questions. a. [1 mark) What was the equilibrium price in this market before the tax? b. [2 marks] What is the amount of the tax (per unit)? c. [2 marks) How much of the tax will the buyers bear? d. [2 marks) How much of the tax will the sellers bear? e....
Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this...
Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this product is in equilibrium at the intersection of D2 and S. The shift in supply from S to Sz is due to an excise tax imposed on the product. The incidence of the tax is: $1 from the buyers and $3 from the sellers $3 from the buyers and $3 from the sellers $1 from the buyers and $1 from the sellers $4 from...
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured...
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured on the vertical axis and quantity measured on the horizontal axis. Price Demand Supply 0 1 2 3 4 5 6 7 8 9 10 Quantity Figure Description: Quantity demanded and quantity supplied is measured on the horizontal axis and price per unit is measured on the vertical axis. One downward sloping demand curve is provided and is labeled Demand. One upward sloping supply...
The market equilibrium shows the equilibrium: cost and sale price. supply and demand. price and quantity....
The market equilibrium shows the equilibrium: cost and sale price. supply and demand. price and quantity. number of buyers and number of sellers. An increase in quantity demanded refers to: a rightward shift of the demand curve a leftward shift of the demand curve. a rightward movement along the demand curve. a leftward movement along the demand curve. We were unable to transcribe this image
The graph shows the market for pillows in which the government has imposed a sales tax of $4 per pillow on buyers. Draw a point to show the price of a pillow and the quantity of pillows bought and sold with no tax. Label it 1. Draw a point to show
The graph shows the market for pillows in which the government has imposed a sales tax of $4 per pillow on buyers. Draw a point to show the price of a pillow and the quantity of pillows bought and sold with no tax. Label it 1. Draw a point to show the price paid by buyers and the quantity of pillows bought with the tax. Label it 2. Draw a point to show the price received by sellers and the quantity of pillows...
Price (dollars per case) The graph shows the supply curve of no-name soda. The government has imposed a sales tax of $2...
Price (dollars per case) The graph shows the supply curve of no-name soda. The government has imposed a sales tax of $2 per case on no-name soda. The sellers of no-name soda end up paying the entire tax. Draw and label the demand curve for no-name soda. The more the demand, O A. inelastic; the larger is the amount of the tax paid by sellers O B. elastic; the larger is the amount of the tax paid by sellers O...
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
QUESTION 25 Figure: The figure below indicates a tax size of AB. 1 Price + Supply + + Demand + + + + + + + + + + 5 10 15 20 25 30 35 40 45 50 55 60 Quantity Refer to Figure 8-7. Which of the following statements is true about tax incidence? a. Buyers pays less tax then the sellers b. Buyers and sellers share the same burden of tax. C. Buyers and sellers both will...
Please help with these questions.. thank you.
Price ($/unit) Supply Demand OL 10 11 12 13 17 Quantity (units) 18. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. What is the total loss of consumer surplus resulting from this tax? a $18 b. $32 C. $36 d. $48 19. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. Which is correct?...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
border. Question 1. [11 marks] The graph shows the supply and demand curves. Suppose after a tax is imposed, the quantity traded decreases to 50. Answer the following questions. a. [1 mark) What was the equilibrium price in this market before the tax? b. [2 marks] What is the amount of the tax (per unit)? c. [2 marks) How much of the tax will the buyers bear? d. [2 marks) How much of the tax will the sellers bear? e....
Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this product is in equilibrium at the intersection of D2 and S. The shift in supply from S to Sz is due to an excise tax imposed on the product. The incidence of the tax is: $1 from the buyers and $3 from the sellers $3 from the buyers and $3 from the sellers $1 from the buyers and $1 from the sellers $4 from...
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured on the vertical axis and quantity measured on the horizontal axis. Price Demand Supply 0 1 2 3 4 5 6 7 8 9 10 Quantity Figure Description: Quantity demanded and quantity supplied is measured on the horizontal axis and price per unit is measured on the vertical axis. One downward sloping demand curve is provided and is labeled Demand. One upward sloping supply...
The market equilibrium shows the equilibrium: cost and sale price. supply and demand. price and quantity. number of buyers and number of sellers. An increase in quantity demanded refers to: a rightward shift of the demand curve a leftward shift of the demand curve. a rightward movement along the demand curve. a leftward movement along the demand curve. We were unable to transcribe this image
Price (dollars per case) The graph shows the supply curve of no-name soda. The government has imposed a sales tax of $2 per case on no-name soda. The sellers of no-name soda end up paying the entire tax. Draw and label the demand curve for no-name soda. The more the demand, O A. inelastic; the larger is the amount of the tax paid by sellers O B. elastic; the larger is the amount of the tax paid by sellers O...
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