Suppose the graph below shows the perfectly competitive market for porcelain fountains. Adjust the graph, show...
Suppose the graph below shows the perfectly competitive market
for porcelain fountains. Adjust the graph, show the effects of a
$15 excise tax on the producers of porcelain fountains. Next, use
the shaded areas to show the post tax consumer surplus (CS),
producer surplus (PS), and the deadweight loss (DWL).
Homework Answers
Following is the required figure -
As above figure shows that after imposition of tax, equilibrium quantity is 35 units.
Tax per unit is $15.
Tax revenue = Equilibrium quantity * Tax per unit = 35 * 15 = $525.
Revenue created for the government as a result of tax is $525.
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Suppose the graph below shows the perfectly competitive market
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