Homework Answers
7) Amount of tax per unit = vertical distance between supply curves = 4 - 2 = $ 2
8) Deadweight loss = (Qeq - Qtax) x Tax / 2 = (3000 - 2000) x (4 - 2)/2 = 1000
9) B - Shift towards the origin on the apples axis only
10) C - change in total utility divided by the change in the quantity consumed.
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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 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...
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...
Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this...
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...
Figure 1 1 price Sattert 9 8 7 s 6 5 4 3 2 1 2...
Figure 1 1 price Sattert 9 8 7 s 6 5 4 3 2 1 2 4 6 8 10 12 14 16 qaoxtity Refer to Figure 1. When there is a per-unit tax of $3 imposed on the cigarette, in this case, what is the price that buyers actually pay and what is the price that sellers actually receive? Select one: a. $3, $6. b. $4, $6. c. $6, $3. d. $5, $3.
Please help with these questions.. thank you. Price ($/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?...
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5...
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1.000 per month. 2) 2) Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of 12,000 per month for apartments. What is the quantity of apartments demanded at the new price? B) 200 C) 300 D) 500 A) 3) Refer to...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if pri...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
Price (dollars per unit) 8 S + tax S buyers 6 Series 3 0 100 200...
Price (dollars per unit) 8 S + tax S buyers 6 Series 3 0 100 200 300 400 500 Quantity (units) Figure 6.3.2 25) Refer to Figure 6.3.2. The seller's share of the tax is A) $1.50 B) $0.50 C) $1.00. D) zero. E) $2.00
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...
Price (s) 10 50 Quantity Figure 6 21. Refer to Figure 6. Suppose that the consumption...
Price (s) 10 50 Quantity Figure 6 21. Refer to Figure 6. Suppose that the consumption of this good generates a $3 external cost. How many units are consumed in equilibrium absent government regulation? a) 30 b) 40 c) 50 d) 60 22. Refer to Figure 6. Suppose that the consumption of this good generates a $3 external cost. How much total surplus is generated from the transaction of the 20th unit? a) $0 b) $1.50 c) $3 d) $4.50
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...
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...
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...
Figure 1 1 price Sattert 9 8 7 s 6 5 4 3 2 1 2 4 6 8 10 12 14 16 qaoxtity Refer to Figure 1. When there is a per-unit tax of $3 imposed on the cigarette, in this case, what is the price that buyers actually pay and what is the price that sellers actually receive? Select one: a. $3, $6. b. $4, $6. c. $6, $3. d. $5, $3.
Please help with these questions.. thank you.
Price ($/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 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1.000 per month. 2) 2) Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of 12,000 per month for apartments. What is the quantity of apartments demanded at the new price? B) 200 C) 300 D) 500 A) 3) Refer to...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
Price (dollars per unit) 8 S + tax S buyers 6 Series 3 0 100 200 300 400 500 Quantity (units) Figure 6.3.2 25) Refer to Figure 6.3.2. The seller's share of the tax is A) $1.50 B) $0.50 C) $1.00. D) zero. E) $2.00
Price (s) 10 50 Quantity Figure 6 21. Refer to Figure 6. Suppose that the consumption of this good generates a $3 external cost. How many units are consumed in equilibrium absent government regulation? a) 30 b) 40 c) 50 d) 60 22. Refer to Figure 6. Suppose that the consumption of this good generates a $3 external cost. How much total surplus is generated from the transaction of the 20th unit? a) $0 b) $1.50 c) $3 d) $4.50
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