Table 12-2 Hot Fudge Brownie Delight Value to Ricky $9.00 Value to Lucy $5.00 Refer to...
Table 12-2
|
Hot Fudge |
|
| Value to Ricky | $9.00 |
| Value to Lucy | $5.00 |
Refer to Table 12-2. Suppose that the government imposes a $2 tax on delights, causing the price to increase from $4.00 to $6.00. Deadweight loss arises because
| a. |
Lucy will leave the market. |
|
| b. |
Ricky must pay the $2.00 tax from his consumer surplus. |
|
| c. |
Ricky will have to pay a higher price for delights. |
|
| d. |
Lucy will pay more tax as a percentage of her value of delights than Ricky. |
Homework Answers
a. Lucy will leave the market.
(As Lucy's value of the delight < price after tax, so, she will not purchase it and exit the market which will decrease consumer and producer surplus creating deadweight loss.)
Add Answer to:
Table 12-2
Hot Fudge
Brownie Delight
Value to Ricky
$9.00
Value to Lucy
$5.00
Refer to...
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