Homework Answers
ANSWER:
The correct answer is option c that is a perfectly elastic demand curve with an inelastic supply curve and this happens when the price doesn't rise at all and so the burden is borne by the producers.
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Question 15 (1 point) In which case would producers bear 100% of the tax incidence? a)...
Price 14.00 9.50 8.00 7.50 6.00 4.00 9. What is the tax incidence on producers? 10....
Price 14.00 9.50 8.00 7.50 6.00 4.00 9. What is the tax incidence on producers? 10. How much revenue does the government receive from imposing the tax? 11. Does the government earn more revenue from taxing goods that have elastic or inelastic demand. Describe the general appearance of a demand or a supply curve that is perfectly elastic. Describe the general appearance of a demand or a supply curve that is perfectly inelastic.
1. An excise tax (sales tax) is imposed on producers of a good. For a given...
1. An excise tax (sales tax) is imposed on producers of a good. For a given supply curve, the more price elastic the demand for the product, the greater the tax incidence on (the party that pays more portion of tax): Producers Both Consumers Neither
P-10 P 2 100 Use the figure to answer questions 11 to 14 I1. Suppose that...
P-10 P 2 100 Use the figure to answer questions 11 to 14 I1. Suppose that the consumer surplus after tax is 160, then tax revenues A. 4 B. 80 C. 320 D. 480 12. The loss in the producer surplus due to tax equals: A. 20 B. 40 C. 160 D. 180 13. The Dead Weight Loss equals A. 20 B. 40 C. 60 D. 80 14. Which of the following statements is TRUE Consumers pay more taxes than...
1-3 please Feel free to use any spaces for scratch work. 1) Consider the excise tax lectured in class. For a given e...
1-3
please
Feel free to use any spaces for scratch work. 1) Consider the excise tax lectured in class. For a given excise tax, we can correctly predict that consumer tax incidence will be less than producer tax incidence when: a) Both the demand and the supply curves are more inelastic. b) The demand curve is inelastic and the supply curve is elastie. c) The demand curve is elastic and the supply curve is inelastic. d) Both the demand and...
Suppose producers bear most of the burden of a specific tax of 20 cents on staplers....
Suppose producers bear most of the burden of a specific tax of 20 cents on staplers. Which ONE statement best describes the supply and demand for staplers? Suppose sandals have an elastic own-price elasticity of demand. If price goes up by 2%, then what happens to quantity demanded? In response to a snowstorm, the government sets a price ceiling on snow shovels. What is the likely outcome? What is the likely consequence of minimum wage, a price floor?
om/courses/2456531/quizzes/5192042/take Question 6 1 pts The price elasticity of demand for a completely vertical demand curve...
om/courses/2456531/quizzes/5192042/take Question 6 1 pts The price elasticity of demand for a completely vertical demand curve is unitary elastic O perfectly elastic O elastic O perfectly inelastic 1 pts Question 7 If a 3 percent reduction in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand over this range of the demand curve is unitary elastic
Suppose the government imposes a tax on each case of beer. The consumers will pay the...
Suppose the government imposes a tax on each case of beer. The consumers will pay the majority of tax when demand is: a. perfectly elastic b. unit elastic. 24. c. elastic d. inelastic e. none of the above. Producers always pay the majority of taxes. A perfectly elastic demand curve is represented by a curve that is a. downward sloping to the right. b. upward sloping to the right c. vertical d. almost vertical e. horizontal 25. Country A is...
The graph below shows the market for office rental space. A $400 per month excise tax...
The graph below shows the market for office rental space. A $400
per month excise tax is imposed on firms selling office space. D is
the demand curve, S1 is the supply curve in the absence of the tax,
and S2 represents the supply curve that includes the tax.
The graph below shows the market for office rental space. A $400 per month excise tax is imposed on firms selling office space. D is the demand curve, S1 is the...
Question 5 1 pts Assuming that a $500 excise tax is imposed in a market. The...
Question 5 1 pts Assuming that a $500 excise tax is imposed in a market. The consumer share of the actual tax incidence turns out to be $100, while the producers' share of the tax burden turns out to be $400. O This implies that supply is relatively more elastic than demand This implies that demand is relatively more elastic than supply O Tax Burden and elasticity are unrelated concepts.
3. Referring to the graph above, what can you conclude about the elasticity of the supply...
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
Price 14.00 9.50 8.00 7.50 6.00 4.00 9. What is the tax incidence on producers? 10. How much revenue does the government receive from imposing the tax? 11. Does the government earn more revenue from taxing goods that have elastic or inelastic demand. Describe the general appearance of a demand or a supply curve that is perfectly elastic. Describe the general appearance of a demand or a supply curve that is perfectly inelastic.
P-10 P 2 100 Use the figure to answer questions 11 to 14 I1. Suppose that the consumer surplus after tax is 160, then tax revenues A. 4 B. 80 C. 320 D. 480 12. The loss in the producer surplus due to tax equals: A. 20 B. 40 C. 160 D. 180 13. The Dead Weight Loss equals A. 20 B. 40 C. 60 D. 80 14. Which of the following statements is TRUE Consumers pay more taxes than...
1-3
please
Feel free to use any spaces for scratch work. 1) Consider the excise tax lectured in class. For a given excise tax, we can correctly predict that consumer tax incidence will be less than producer tax incidence when: a) Both the demand and the supply curves are more inelastic. b) The demand curve is inelastic and the supply curve is elastie. c) The demand curve is elastic and the supply curve is inelastic. d) Both the demand and...
om/courses/2456531/quizzes/5192042/take Question 6 1 pts The price elasticity of demand for a completely vertical demand curve is unitary elastic O perfectly elastic O elastic O perfectly inelastic 1 pts Question 7 If a 3 percent reduction in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand over this range of the demand curve is unitary elastic
Suppose the government imposes a tax on each case of beer. The consumers will pay the majority of tax when demand is: a. perfectly elastic b. unit elastic. 24. c. elastic d. inelastic e. none of the above. Producers always pay the majority of taxes. A perfectly elastic demand curve is represented by a curve that is a. downward sloping to the right. b. upward sloping to the right c. vertical d. almost vertical e. horizontal 25. Country A is...
The graph below shows the market for office rental space. A $400
per month excise tax is imposed on firms selling office space. D is
the demand curve, S1 is the supply curve in the absence of the tax,
and S2 represents the supply curve that includes the tax.
The graph below shows the market for office rental space. A $400 per month excise tax is imposed on firms selling office space. D is the demand curve, S1 is the...
Question 5 1 pts Assuming that a $500 excise tax is imposed in a market. The consumer share of the actual tax incidence turns out to be $100, while the producers' share of the tax burden turns out to be $400. O This implies that supply is relatively more elastic than demand This implies that demand is relatively more elastic than supply O Tax Burden and elasticity are unrelated concepts.
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
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