Homework Answers
The correct answer is :- Perfectly inelastic demand
Explanation:- When the purpose of the tax is to maximize revenue collected, then a given unit tax will produce more income when the good being taxed has a perfectly inelastic demand . This happens because the increase in price or tax will more than compensate for the smaller fall in demand.
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D U-shaped. Question 4 2 pts The maximum amount of tax revenue is generated when the...
D Question 49 2 pts Consumers will lose no consumer surplus due to a tax if...
D Question 49 2 pts Consumers will lose no consumer surplus due to a tax if demand in their market is perfectly elastic because O the amount of the tax is relatively low. O firms will decide not to pay the tax to the government D | Question 50 2 pts Ireland's tax on plastic shopping bags successfully reduced consumer use of these bags because the the O demand for plastic bags is very O supply of plastic bags is...
substitutes. DQuestion 46 2 pts If a tax is imposed on a good with equally elastic...
substitutes. DQuestion 46 2 pts If a tax is imposed on a good with equally elastic supply and demand, the burden of the tax will be borne O by producers alone. y by producers but partially by consumers O mostly by consumers but partially by producers. O by consumers alone. O by consumers and producers equally. D Question 47 2 pts When demand is perfectly elastic, the demand curve is
question 1 to 4 1 a b C d The demand curve shows The maximum amount...
question 1 to 4
1 a b C d The demand curve shows The maximum amount consumers are willing to pay for particular units of a good. the minimum amount consumers are willing to pay for particular units of a good. the average amount consumers are willing to pay for particular units of a good. that consumers want to pay the lowest price possible. 2 a b C d Consumer surplus is the difference between the quantity of a good...
When the government decides to impose a tax on sellers of a good or service, sellers...
When the government decides to impose a tax on sellers of a good or service, sellers try to pass the tax on to consumers by raising the price of the good being sold. Assume the government decides to place a $1 tax on each unit of a good sold, e.g., tires. Using the simple model of supply and demand, describe what would happen to the price and quantity of tires sold. Would the amount of tax paid by the consumer...
P-10 P 2 100 Use the figure to answer questions 11 to 14 I1. Suppose that...
P-10 P 2 100 Use the figure to answer questions 11 to 14 I1. Suppose that the consumer surplus after tax is 160, then tax revenues A. 4 B. 80 C. 320 D. 480 12. The loss in the producer surplus due to tax equals: A. 20 B. 40 C. 160 D. 180 13. The Dead Weight Loss equals A. 20 B. 40 C. 60 D. 80 14. Which of the following statements is TRUE Consumers pay more taxes than...
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to...
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to increase by $2.50 then which of the following statements is true? consumers must be more elastic than producers consumers must be less elastic than producers consumers and producers must be equally elastic Question 42 (1 point) If the elasticity of demand is -1.8 and the elasticity of supply is 1, then consumers are than producers and the relative consumer burden will equal . Hint:...
Question 12 pts When consumers would have been willing to pay higher prices at various quantities...
Question 12 pts When consumers would have been willing to pay higher prices at various quantities consumed than the market clearing price, the differences are called consumer surplus. monopoly profits. opportunity cost. deadweight loss. Flag this Question Question 22 pts A demand relationship in which the quantity demanded changes exactly in proportion to the change in price is elastic. unit-elastic. inelastic. consistent with zero elasticity. Flag this Question Question 32 pts A demand relationship in which a given percentage change...
Question 2 When there few close substitutes available for a good, demand tends to be relatively...
Question 2 When there few close substitutes available for a good, demand tends to be relatively inelastic O perfectly elastic. O perfectly inelastic relatively elastic. > A Moving to another question will save this response.
Question 41 2 pts A tax on apples would cause apple growers to suffer because O...
Question 41 2 pts A tax on apples would cause apple growers to suffer because O producer surplus would incre O the government would collect revenue from the tax. O consumers would pay higher prices. O revenues and profits from growing apples would decrease. O consumer surplus would decrease. Question 42 2 pts Excise taxes are taxes that are.
Please help with these questions: Question 18 0.2 pts Which one of the following pairs of...
Please help with these questions:
Question 18 0.2 pts Which one of the following pairs of goods is likely to have a negative cross- price elasticity of demand? O manicures and pedicures sofas and dining room tables O purses and backpacks shoes and socks trucks and sedans Question 19 0.2 pts When two goods are substitutes for each other, what will the cross-price elasticity be? O It will be positive O It is unaffected by goods being substitutes O The...
D Question 49 2 pts Consumers will lose no consumer surplus due to a tax if demand in their market is perfectly elastic because O the amount of the tax is relatively low. O firms will decide not to pay the tax to the government D | Question 50 2 pts Ireland's tax on plastic shopping bags successfully reduced consumer use of these bags because the the O demand for plastic bags is very O supply of plastic bags is...
substitutes. DQuestion 46 2 pts If a tax is imposed on a good with equally elastic supply and demand, the burden of the tax will be borne O by producers alone. y by producers but partially by consumers O mostly by consumers but partially by producers. O by consumers alone. O by consumers and producers equally. D Question 47 2 pts When demand is perfectly elastic, the demand curve is
question 1 to 4
1 a b C d The demand curve shows The maximum amount consumers are willing to pay for particular units of a good. the minimum amount consumers are willing to pay for particular units of a good. the average amount consumers are willing to pay for particular units of a good. that consumers want to pay the lowest price possible. 2 a b C d Consumer surplus is the difference between the quantity of a good...
P-10 P 2 100 Use the figure to answer questions 11 to 14 I1. Suppose that the consumer surplus after tax is 160, then tax revenues A. 4 B. 80 C. 320 D. 480 12. The loss in the producer surplus due to tax equals: A. 20 B. 40 C. 160 D. 180 13. The Dead Weight Loss equals A. 20 B. 40 C. 60 D. 80 14. Which of the following statements is TRUE Consumers pay more taxes than...
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to increase by $2.50 then which of the following statements is true? consumers must be more elastic than producers consumers must be less elastic than producers consumers and producers must be equally elastic Question 42 (1 point) If the elasticity of demand is -1.8 and the elasticity of supply is 1, then consumers are than producers and the relative consumer burden will equal . Hint:...
Question 2 When there few close substitutes available for a good, demand tends to be relatively inelastic O perfectly elastic. O perfectly inelastic relatively elastic. > A Moving to another question will save this response.
Question 41 2 pts A tax on apples would cause apple growers to suffer because O producer surplus would incre O the government would collect revenue from the tax. O consumers would pay higher prices. O revenues and profits from growing apples would decrease. O consumer surplus would decrease. Question 42 2 pts Excise taxes are taxes that are.
Please help with these questions:
Question 18 0.2 pts Which one of the following pairs of goods is likely to have a negative cross- price elasticity of demand? O manicures and pedicures sofas and dining room tables O purses and backpacks shoes and socks trucks and sedans Question 19 0.2 pts When two goods are substitutes for each other, what will the cross-price elasticity be? O It will be positive O It is unaffected by goods being substitutes O The...
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