Homework Answers
As we can see, from the figure, the price before the tax was $5 now after the tax the buyers are paying $5.5 and the sellers are getting $3.5 that implies that the share of the tax from the seller's side is $1.5 (5-3.5), so the right answer is option A.
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 6 Quantity (thousands of units) 7) In the above figure, the amou...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 6 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00 C) $1.50 D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000 B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles...
$4.00 $3.50 $3.00 $2.75 $2.50 $ 2.25 $2.00 $1.50 $1.00 $0.50 100 200 300 400 500...
$4.00 $3.50 $3.00 $2.75 $2.50 $ 2.25 $2.00 $1.50 $1.00 $0.50 100 200 300 400 500 600 700 800 900 Q(berries-lb.) Refer to the figure above. After tax buyer pays $2.25, what is the tax revenue?
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 Quantity (thousands of units) 7) In the above figure, the amount...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00. C) $1.50. D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000. B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles of...
6. Effect of a tax on buyers and sellers The following graph shows the daily market...
6. Effect of a tax on buyers and sellers The following graph shows the daily market for shoes. Suppose the government institutes a tax of $11.60 per pair. This places a wedge between the price buyers pay and the price sellers receive. Supply Tax Wedge PRICE (Dollars per pair) Demand 0 100 200 800 900 1000 300 400 500 600 700 QUANTITY (Pairs of shoes) Fill in the following table with the quantity sold, the price buyers pay, and the...
7. Effect of a tax on buyers and sellers The following graph shows the daily market...
7. Effect of a tax on buyers and sellers The following graph shows the daily market for jeans. Suppose the government institutes a tax of $40.60 per pair. This places a wedge between the price buyers pay and the price sellers receive. Demand PRICE Dolars per pair Tax Wedge 0 00 200 000 000 Demand Supply PRICE (Dollars per pair Tax Wedge 0 50 100 150 200 250 300 350 QUANTITY (Pairs of jeans) 400 450 500 Fill in the...
The market for airplane tickets $400 350 300 250 200 150 100 OL 0 25 50...
The market for airplane tickets $400 350 300 250 200 150 100 OL 0 25 50 75 100 125 (a) (2 pts) Find marginal buyers WTP at Q = 25. In the market without tax, compute his or her CS? (b) (4 pts) Compute CS, PS, and total surplus without a tax. (c) (4 pts) If $100 tax per ticket, compute CS, PS, tax revenue, total surplus, and DWL. (d) (4 pts) For the market without tax and the market...
Question 41 Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 0 200 400...
Question 41 Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 0 200 400 600 Quantity In the figure above, suppose the government imposes a price floor of $2,000. What is the quantity demanded at the new price? 200 300 500 none of the above
Figure 1 Price (dollars per month) $2.300 Supply 2.000 8 8 Demand 200 300 500 Quantity...
Figure 1 Price (dollars per month) $2.300 Supply 2.000 8 8 Demand 200 300 500 Quantity (apartments) Refer to Figure 1. What is the value of producer surplus at the market price of $2,000? OA) $240,000 OB) $0 OC) $30,000 OD) $45,000
Fill in the following table with the quantity sold, the price buyers pay, and the price...
Fill in the following table with the quantity sold, the price
buyers pay, and the price sellers receive before and after the
tax.
Quantity
Price Buyers
Pay
Price Sellers
Receive
(Pairs of
jeans)
(Dollars per
pair)
(Dollars per
pair)
Before Tax
After Tax
Using the data you entered in the previous table, calculate the
tax burden that falls on buyers and on sellers, respectively, and
calculate the price elasticity of demand and supply over the
relevant ranges using the midpoint...
Exhibit 5-9 Supply and demand curves for wood X SUPPLY 400 300 Price per unit (dollars)...
Exhibit 5-9 Supply and demand curves for wood X SUPPLY 400 300 Price per unit (dollars) 200 100 0 50 DEMAND 100 150 200 250 Quantity of output (units per time period) 50. As shown in Exhibit 5-9, the price elasticity of demand for good X between points E and Dis: a. 3/7 = 0.43. b. 1. c. 1/2 = 0.50. d. 1/5 = 0.20.
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 6 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00 C) $1.50 D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000 B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles...
$4.00 $3.50 $3.00 $2.75 $2.50 $ 2.25 $2.00 $1.50 $1.00 $0.50 100 200 300 400 500 600 700 800 900 Q(berries-lb.) Refer to the figure above. After tax buyer pays $2.25, what is the tax revenue?
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00. C) $1.50. D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000. B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles of...
6. Effect of a tax on buyers and sellers The following graph shows the daily market for shoes. Suppose the government institutes a tax of $11.60 per pair. This places a wedge between the price buyers pay and the price sellers receive. Supply Tax Wedge PRICE (Dollars per pair) Demand 0 100 200 800 900 1000 300 400 500 600 700 QUANTITY (Pairs of shoes) Fill in the following table with the quantity sold, the price buyers pay, and the...
7. Effect of a tax on buyers and sellers The following graph shows the daily market for jeans. Suppose the government institutes a tax of $40.60 per pair. This places a wedge between the price buyers pay and the price sellers receive. Demand PRICE Dolars per pair Tax Wedge 0 00 200 000 000 Demand Supply PRICE (Dollars per pair Tax Wedge 0 50 100 150 200 250 300 350 QUANTITY (Pairs of jeans) 400 450 500 Fill in the...
The market for airplane tickets $400 350 300 250 200 150 100 OL 0 25 50 75 100 125 (a) (2 pts) Find marginal buyers WTP at Q = 25. In the market without tax, compute his or her CS? (b) (4 pts) Compute CS, PS, and total surplus without a tax. (c) (4 pts) If $100 tax per ticket, compute CS, PS, tax revenue, total surplus, and DWL. (d) (4 pts) For the market without tax and the market...
Question 41 Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 0 200 400 600 Quantity In the figure above, suppose the government imposes a price floor of $2,000. What is the quantity demanded at the new price? 200 300 500 none of the above
Figure 1 Price (dollars per month) $2.300 Supply 2.000 8 8 Demand 200 300 500 Quantity (apartments) Refer to Figure 1. What is the value of producer surplus at the market price of $2,000? OA) $240,000 OB) $0 OC) $30,000 OD) $45,000
Fill in the following table with the quantity sold, the price
buyers pay, and the price sellers receive before and after the
tax.
Quantity
Price Buyers
Pay
Price Sellers
Receive
(Pairs of
jeans)
(Dollars per
pair)
(Dollars per
pair)
Before Tax
After Tax
Using the data you entered in the previous table, calculate the
tax burden that falls on buyers and on sellers, respectively, and
calculate the price elasticity of demand and supply over the
relevant ranges using the midpoint...
Exhibit 5-9 Supply and demand curves for wood X SUPPLY 400 300 Price per unit (dollars) 200 100 0 50 DEMAND 100 150 200 250 Quantity of output (units per time period) 50. As shown in Exhibit 5-9, the price elasticity of demand for good X between points E and Dis: a. 3/7 = 0.43. b. 1. c. 1/2 = 0.50. d. 1/5 = 0.20.
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