Can explain how to answer these questions?
Homework Answers
1. Before the tax , the market should be in equilibrium the
demand curve D and the supply curve S1 intersect each other. The
equilibrium price is $5 and the quantity is 10 so the total revenue
equals 
. When there is a tax it adds to the business cost of the nation,
and when the costs of production arise the firm will decrease the
production to compensate the increased cost so there will be a
decrease in the supply and the supply curve would shift to the left
as shown in the graph.
Ans: d). All of the above are correct.
2. The amount of tax is the vertical distance between the new and the old supply curve. This is shown in the below diagram.
Ans: d)$
.
3). The burden of tax here borne by both supplier and the buyer, but it may not be an equal amount. The burden of the tax fall on the consumers and producers depending upon the respective elasticity of demand and the supply. If the supply is more elastic than the demand the buyers bear most of the tax burden and vice versa.
Ans: A. Sellers are required to send one dollar to the government per product and the buyers are required to send two dollars.
Please help with these questions.. thank you. Price ($/unit) Supply Demand OL 10 11 12 13 17 Quantity (units) 18. Re...
Please help with these questions.. thank you.
Price ($/unit) Supply Demand OL 10 11 12 13 17 Quantity (units) 18. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. What is the total loss of consumer surplus resulting from this tax? a $18 b. $32 C. $36 d. $48 19. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. Which is correct?...
Refer to Figure 7. The price paid by buyers after the tax is imposed is a. $8. b. $16. C. $14. d. $12.
Refer to Figure 7. The price paid by buyers after the tax is imposed is a. $8. b. $16. C. $14. d. $12.Refer to Figure 7. The effective price received by sellers after the tax is imposed is a. $8. b. $16. c. $14. d. $12.Refer to Figure 7. The amount of the tax per unit is a. $4. b. $8. C. $14. d. $10.Refer to Figure 7. The per-unit burden of the tax is a. $2 for buyers and...
Refer to the above figure and answer the following questions:
Refer to the above figure and answer the following questions: If the government imposes a tax of $8 per shirt, then what will be the tax burden on buyers and what will be the tax burden on sellers? .Did the market grow or shrank as a result of tax? How much was the tax revenue generated as a result? What was the price buyers paid for each shirt before the taxes were imposed and what they paid after the taxes? What was the...
Figure 4-15 Price (dollars per case) Supply Supply 5090 Quantity (thousands of cases) a. What is...
Figure 4-15 Price (dollars per case) Supply Supply 5090 Quantity (thousands of cases) a. What is the equilibrium market price and quantity in this market if no tax is imposed? b. Now suppose a per-unit tax is imposed. What is the size of the tax proposed in this diagram? c. What is the price buyers pay? How much of the per-unit tax is paid by consumers! d. For each unit sold, what is the price sellers receive? How much of...
Refer to Figure 6-8. The effective price that buyers ay after the tax is imposed is
6. Refer to Figure 6-8. The effective price that buyers ay after the tax is imposed is 7. Refer to Figure 6-8. The price that sellers receive after the tax is imposed is8. Refer to Figure 6-8. The amount of the tax per unit is 9. Refer to Figure 6-8. The burden of the tax on sellers is 10. Refer to Figure 6-8. Suppose the same Sand D curves apply, and a tax of the same amount per unit as shown here is...
I need help solving this Asap. thanks alot. Figure 1: Supply and Demand in the Market...
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
I need help with these Mcq's please. Thank you 22. In general, the price buyers pay...
I need help with these Mcq's please. Thank you
22. In general, the price buyers pay in a market will decrease if the government increases a binding price floor in that market. b. a. increases a binding price ceiling in that market. decreases a tax on the good sold in that market. d. C. More than one of the above is correct 23. Which of the following is the most likely explanation for the imposition of a price ceiling on...
Graph 6-7 Price 8 +----- 6+----- 5 +----- A + - - - - - - - - - - - W N – o 10 20 30 40 50 60 70 Quantity 13. According...
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....
1. Consider the following figure. If a price ceiling of $180 is imposed, how much is...
1. Consider the following figure. If a price ceiling of $180 is
imposed, how much is the quantity demanded? Also, calculate the
amount of shortage.
2. Consider the following figure. Tax is levied on sellers. Find
an expression for the tax burden on buyers. Also, find the areas
that represent DWL.
3. Refer to the following table. The price of erasers increases
from $1.50 to $2.00 per eraser. Using the midpoint method, what is
the cross-price elasticity of demand between...
Demand for novels is given by D(p)=50.0−1.0p, and the supply function is S(p)=1.0p. Give all answers...
Demand for novels is given by D(p)=50.0−1.0p, and the supply
function is S(p)=1.0p.
Give all answers to one decimal.
A) What is the equilibrium price for
novels? $
B) What is the equilibrium quantity?
C) Suppose a $1 per-unit tax is imposed on buyers of novels.
Find the equilibrium price buyers pay, the price sellers receive,
and the quantity with the tax.
Buyers pay $ .
Sellers receive $ .
novels are sold.
D) Would the answer to Part 2 be different...
Please help with these questions.. thank you.
Price ($/unit) Supply Demand OL 10 11 12 13 17 Quantity (units) 18. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. What is the total loss of consumer surplus resulting from this tax? a $18 b. $32 C. $36 d. $48 19. Refer to Figure 1. Suppose a tax of $6 per unit is imposed on sellers in this market. Which is correct?...
Figure 4-15 Price (dollars per case) Supply Supply 5090 Quantity (thousands of cases) a. What is the equilibrium market price and quantity in this market if no tax is imposed? b. Now suppose a per-unit tax is imposed. What is the size of the tax proposed in this diagram? c. What is the price buyers pay? How much of the per-unit tax is paid by consumers! d. For each unit sold, what is the price sellers receive? How much of...
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
I need help with these Mcq's please. Thank you
22. In general, the price buyers pay in a market will decrease if the government increases a binding price floor in that market. b. a. increases a binding price ceiling in that market. decreases a tax on the good sold in that market. d. C. More than one of the above is correct 23. Which of the following is the most likely explanation for the imposition of a price ceiling on...
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....
1. Consider the following figure. If a price ceiling of $180 is
imposed, how much is the quantity demanded? Also, calculate the
amount of shortage.
2. Consider the following figure. Tax is levied on sellers. Find
an expression for the tax burden on buyers. Also, find the areas
that represent DWL.
3. Refer to the following table. The price of erasers increases
from $1.50 to $2.00 per eraser. Using the midpoint method, what is
the cross-price elasticity of demand between...
Demand for novels is given by D(p)=50.0−1.0p, and the supply
function is S(p)=1.0p.
Give all answers to one decimal.
A) What is the equilibrium price for
novels? $
B) What is the equilibrium quantity?
C) Suppose a $1 per-unit tax is imposed on buyers of novels.
Find the equilibrium price buyers pay, the price sellers receive,
and the quantity with the tax.
Buyers pay $ .
Sellers receive $ .
novels are sold.
D) Would the answer to Part 2 be different...
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