Homework Answers
Q16.1
Answer
Option c
the equilibrium is at D=S
the price and quantity are not provided in the graph but the price
should be between 24 and 10, quantity is above 30 so option c is
correct.
======
Q16.2
Option a
After-tax the consumer pay price of $24 as the tax is $14 between
$24 and $10 price where the Q=30
=====
Q16.3
The producer receives =$14
Option b
=======
Q16.4
Option b
Incidence on buyer =price after-tax - price before tax
=24-16=8
Incidence on seller =tax per unit - incidence on buyer
=14-8
=6
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16. P4 $24 $10 30 16.1. (0.5 point) In the graph shown, the equilibrium price and...
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question 1. A and B answered already
c. What is the new equilibrium point? Show the government revenue graphically? d. Label the portion of tax that buyer pays and the portion that seller pays? e. What is the price the sellers receive? II. Short Answers (10 Points): 1. (5 Points) Using the equations shown below, answer the following questions with a carefully labelled graph (without calculations). QD a-bP; Qs =c + dP a. Draw demand and supply curves, and show...
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Question 4-(Chapter 6)- Government Policies: Using the graph shown, answer the following questions: a. What was the equilibrium price in this market before the tax? b. What is the amount of the tax? c. How much of the tax will the buyers pay? d. How much of the tax wil the sellers pay? e. How much will the buyer pay for the product after the tax is imposed? f. How much will the seller receive after the tax is imposed?...
Question 4-(Chapter 6)- Government Policies: Using the graph shown, answer the following questions: a. What was...
Question 4-(Chapter 6)- Government Policies: Using the graph shown, answer the following questions: a. What was the equilibrium price in this market before the tax? b. What is the amount of the tax? c. How much of the tax will the buyers pay? d. How much of the tax wil the sellers pay? e. How much will the buyer pay for the product after the tax is imposed? f. How much will the seller receive after the tax is imposed?...
According to the graph shown, if the price decreases from $22 to $16, consumer surplus would...
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Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this...
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Graph 6-7 Price 8 +----- 6+----- 5 +----- A + - - - - - - - - - - - W N – o 10 20 30 40 50 60 70 Quantity 13. According to Graph 6-7, the amount of the tax that buyers would pay would be: A. $1.00 B. $1.50 C. $2.00 D. $3.00 14. According to Graph 6-7, the amount of the tax that sellers would pay would be: A. $1.00 B. $1.50 C. $2.00 D....
Microeconomics question help
Using the equations shown below, answer the following questions with a carefully labelled graph (without calculations). (10)QD = a – bPQS = c + dPa. Draw demand and supply curves, and show the market equilibrium point.b. Assuming a tax of T is imposed on the seller side, what is the new demand and supply curve?c. What is the new equilibrium point?d. Label the portion of tax that buyer pays and the portion that seller pays?e. What is the effective price...
Using the graph shown, in which the vertical distance between points A and B represents the...
Using the graph shown, in which the vertical distance between points A and B represents the tax in the market, answer the following questions. a. What was the equilibrium price and quantity in this market before the tax? b. What is the amount of the tax? c. How much of the tax will the buyers pay? d. How much of the tax will the sellers pay? e. How much will the buyer pay for the product after the tax is...
In the graph below, the blue solid curves are pre-tax, and the red dashed curve is...
In the graph below, the blue
solid curves are pre-tax, and the red dashed curve is post-tax.
Based on the graph, select ALL of the following are TRUE at the
post-tax equilibrium:
A. The total price the buyer pays is PD = $23.
B. The supplier submits the tax to the government.
C. The net price the seller receives is PS = $23.
D. The tax is $4 per unit.
E. The tax is 4% of the price.
F. The...
question 1. A and B answered already
c. What is the new equilibrium point? Show the government revenue graphically? d. Label the portion of tax that buyer pays and the portion that seller pays? e. What is the price the sellers receive? II. Short Answers (10 Points): 1. (5 Points) Using the equations shown below, answer the following questions with a carefully labelled graph (without calculations). QD a-bP; Qs =c + dP a. Draw demand and supply curves, and show...
Question 4-(Chapter 6)- Government Policies: Using the graph shown, answer the following questions: a. What was the equilibrium price in this market before the tax? b. What is the amount of the tax? c. How much of the tax will the buyers pay? d. How much of the tax wil the sellers pay? e. How much will the buyer pay for the product after the tax is imposed? f. How much will the seller receive after the tax is imposed?...
Question 4-(Chapter 6)- Government Policies: Using the graph shown, answer the following questions: a. What was the equilibrium price in this market before the tax? b. What is the amount of the tax? c. How much of the tax will the buyers pay? d. How much of the tax wil the sellers pay? e. How much will the buyer pay for the product after the tax is imposed? f. How much will the seller receive after the tax is imposed?...
According to the graph shown, if the price decreases from $22 to $16, consumer surplus would increase by Price $28 26 24 22 20 . 8 16 14 10 6 1 2 10 20 30 40 50 90 70 80 90 100 110 120 130 140 150 Quantity a. 120 b.360 c. 480 d. 600
Seller Seller Cost Buyer Buyer Value $32 Charles $4 Stuart Anand $30 Loela $6 $28 Cheryl $8 Sam Mica $26 $10 Lucy Christine Todd $24 $12 Mark $22 Mary $14 Saul Peter $20 $16 $18 Rajeev $18 Sven Jessica $16 $20 Amy Jordan $14 Ramin $22 Kerri $12 $24 Joe 2.5. This graph plots the supply curve for the sellers (orange squares). Add the demand curve by dragging the blue circles to the appropriate points on the graph. Drag the...
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...
Graph 6-7 Price 8 +----- 6+----- 5 +----- A + - - - - - - - - - - - W N – o 10 20 30 40 50 60 70 Quantity 13. According to Graph 6-7, the amount of the tax that buyers would pay would be: A. $1.00 B. $1.50 C. $2.00 D. $3.00 14. According to Graph 6-7, the amount of the tax that sellers would pay would be: A. $1.00 B. $1.50 C. $2.00 D....
Using the graph shown, in which the vertical distance between points A and B represents the tax in the market, answer the following questions. a. What was the equilibrium price and quantity in this market before the tax? b. What is the amount of the tax? c. How much of the tax will the buyers pay? d. How much of the tax will the sellers pay? e. How much will the buyer pay for the product after the tax is...
In the graph below, the blue
solid curves are pre-tax, and the red dashed curve is post-tax.
Based on the graph, select ALL of the following are TRUE at the
post-tax equilibrium:
A. The total price the buyer pays is PD = $23.
B. The supplier submits the tax to the government.
C. The net price the seller receives is PS = $23.
D. The tax is $4 per unit.
E. The tax is 4% of the price.
F. The...
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