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How much revenue would be collected from a 6/unit tax?
Choices:
72000
18000
36000
This tax...
A $30 per unit production subsidy would cost how much to taxpayers? $30,000 $24,000 $27,000 $26,500...
A $30 per unit production subsidy would cost how much to
taxpayers?
$30,000
$24,000
$27,000
$26,500
A $30 per unit production tax would generate how much tax
revenue?
$30,000
$24,000
$27,000
$26,500
A $30 per unit subsidy given to the producer would result in what
new market price for consumers?
$20
$10
$40
$30
A $30 per unit tax on the producers would result in what new
market price for consumers?
$60
$50
$70
$55
How much consumer surplus is...
Refer to the figure above. Suppose the government is considering levying a per unit tax of...
Refer to the figure above. Suppose the
government is considering levying a per unit tax of either $3 or $6
on this good.
1. What is the expected tax revenue generated when the tax is $3
and when it is $6? Explain. Be sure to use graphs.
2. What is the deadweight loss when the tax is $3 and $6?
Explain. Be sure to use graphs.
3. How much is the total surplus when the tax is $3 and $6?...
4. (10 points total) The graph below shows the market for gasoline. A per-unit tax is...
4. (10 points total) The graph below shows the market for gasoline. A per-unit tax is imposed on sellers of gasoline as shown in the figure below. Price (dollars per gallon) 0 2 4 6 8 10 12 14 Quantity (thousands of gallons per day) (1 point) What is the amount of the per-unit tax? Explain briefly. (2 points) After the tax is imposed, what is the price paid by the buyers? Explain briefly. (2 points) After the tax is...
Suppose the government imposes a tax on cheese. The deadweight loss from this tax will likely...
Suppose the government imposes a tax on cheese. The deadweight loss from this tax will likely be greater in the a. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year. b. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be more elastic in the first...
3. You own a monopoly business and have collected the following information about the demand for...
3. You own a monopoly business and have collected the following information about the demand for your product. $10 0 $8100 $6200 $4400 $2 500 $0700 (a) Use this information to construct the MR (marginal revenue) schedule in your writing booklet. (2 marks) (b) Suppose it costs zero for zero output, $200 for 100 units, $500 for 200 units, $1,100 for 400 units, and the marginal cost is $5 per unit for any quantity above 400 units. Use this information...
Bob is deciding how much labour he should supply. He gets utility from consumption of beer...
Bob is deciding how much labour he should supply. He gets utility from consumption of beer (given by C) and from leisure time (given by L), which he spends hanging out with his friend Doug. This utility is given by the following utility function: U(C, L) = ln(C) + 10 ln(L). Given this utility function, Bob’s marginal utility from consumption is given by: MUC = ∂U ∂C = 1 C and his marginal utility from leisure is given by: MUL...
) Bob is deciding how much labour he should supply. He gets utility from consumption of...
) Bob is deciding how much labour he should supply. He gets utility from consumption of beer (given by C) and from leisure time (given by L), which he spends hanging out with his friend Doug. This utility is given by the following utility function: U(C, L) = ln(C) + θ ln(L) where the value of θ was determined by your student number and ln(C) denotes the natural logarithm of consumption etc. Given this utility function, Bob’s marginal utility from...
Bob is deciding how much labour he should supply. He gets utility from consumption of beer...
Bob is deciding how much labour he should supply. He gets utility from consumption of beer (given by C) and from leisure time (given by L), which he spends hanging out with his friend Doug. This utility is given by the following utility function: U(C, L) = ln(C) + θ ln(L) where the value of θ was determined by your student number and ln(C) denotes the natural logarithm of consumption etc. Given this utility function, Bob’s marginal utility from consumption...
Consider the following supply and demand model derived from a small farming town qCD=.5I-.1PC (1)...
Consider the following supply and demand model derived from a small farming town qCD=.5I-.1PC (1) qCS=1.9PC+5R (2) Where equation (1) denotes the monthly demand for corn and equation (2) denotes the monthly supply for corn. (PC) is the price of corn, (I) denotes average consumer income, and (R) denotes average monthly days of rainfall. Based on the supply and demand model depicted in equations (1) and (2): If average monthly consumer income is 200 and average rainfall per...
A $30 per unit production subsidy would cost how much to
taxpayers?
$30,000
$24,000
$27,000
$26,500
A $30 per unit production tax would generate how much tax
revenue?
$30,000
$24,000
$27,000
$26,500
A $30 per unit subsidy given to the producer would result in what
new market price for consumers?
$20
$10
$40
$30
A $30 per unit tax on the producers would result in what new
market price for consumers?
$60
$50
$70
$55
How much consumer surplus is...
Refer to the figure above. Suppose the
government is considering levying a per unit tax of either $3 or $6
on this good.
1. What is the expected tax revenue generated when the tax is $3
and when it is $6? Explain. Be sure to use graphs.
2. What is the deadweight loss when the tax is $3 and $6?
Explain. Be sure to use graphs.
3. How much is the total surplus when the tax is $3 and $6?...
4. (10 points total) The graph below shows the market for gasoline. A per-unit tax is imposed on sellers of gasoline as shown in the figure below. Price (dollars per gallon) 0 2 4 6 8 10 12 14 Quantity (thousands of gallons per day) (1 point) What is the amount of the per-unit tax? Explain briefly. (2 points) After the tax is imposed, what is the price paid by the buyers? Explain briefly. (2 points) After the tax is...
Suppose the government imposes a tax on cheese. The deadweight loss from this tax will likely be greater in the a. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year. b. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be more elastic in the first...
3. You own a monopoly business and have collected the following information about the demand for your product. $10 0 $8100 $6200 $4400 $2 500 $0700 (a) Use this information to construct the MR (marginal revenue) schedule in your writing booklet. (2 marks) (b) Suppose it costs zero for zero output, $200 for 100 units, $500 for 200 units, $1,100 for 400 units, and the marginal cost is $5 per unit for any quantity above 400 units. Use this information...
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