Figure 8-2 The vertical distance between points A and B represents a tax in the market. 20 12 11 10 PRICE 9 Supply 8 6 5 4 B 327 1 Demand 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 QUANTITY Refer to Figure 8-2. The loss of producer surplus associated with some sellers dropping out of the market as a result of the tax is a. $1. b. $0. ○ c. $2. O d. $3.
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- Considermarketforagoodcharacterizedbythefollowinginverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX.a. Compute the surplus received by consumers and producers.b. Now suppose all manufacturers of this good are to pay a lump tax of $0.10that will be used by the government regulators to defray some of the environmental cost imposed by this good’s production. What will be the new surplus received by consumers and producers?c. Based on your results in part ‘b’ above, how will you evaluate the impact of this tax policy on the society? ExplainSuppose a $1 excise or commodity tax is placed on the purchasers of cans of soda. Use the graph to illustrate the impact this tax would have on the soda market and answer the questions. Be certain to shift the entire curve, endpoint to endpoint. Price per can (5) 10 9 8 7 3 2 1 0 1 deadweight loss: $ 0123456789 10 11 12 13 14 15 16 17 18 19 20 Cans of soda per day (in tens of thousands) Calculate the deadweight loss of the tax. Enter the answer in thousands. Supply Demand deadweight loss: $ 0123456789 10 11 12 13 14 15 16 17 18 19 20 Cans of soda per day (in tens of thousands) Demand Calculate the deadweight loss of the tax. Enter the answer in thousands. The tax would affect a household's Choose the answer that best describes the impact this tax would have on a household's economic income and whether it would cause a large change in the household's consumption of soda. This sort of change in behavior is called tax shifting. O uses side, but tax shifting is not likely to occur. O…Consider the market described by the graph below where the vertical distance between points A and B represents a tax in the market. 22 20 10 16 14 12 10 Price Demand 100 200 300 400 500 600 700 800 900 1000 Supply Quantity The per-unit burden of the tax on buyers is $16 and the tax results in a loss of $2700 in consumer surplus. $6 and the tax results in a loss of $900 in consumer surplus $6 and the tax results in a loss of $2700 in consumer surplus. $16 and the tax results in a loss of $900 in consumer surplus. 2.5 po
- If a $6 per unit tax is introduced in this market, then the price that consumers pay will equal, producers receive net of the tax will equal and the price that 12 S 11 10 B 6 10 20 30 40 50 60 70 80 9024 22 20 A 18 Supply 16 14 12 10 B 4 Demand 3 6 9 12 15 18 21 24 27 30 33 36 QUANTITY Consider the market described by the graph above where the vertical distance between points A and B represents a tax in the market. The per-unit burden of the tax on sellers is $4 and the tax results in a loss of $72 in producer surplus. $8 and the tax results in a loss of $24 in producer surplus. $8 and the tax results in a loss of $72 in producer surplus. $4 and the tax results in a loss of $24 in producer surplus. PRICEQS = 1000P – 500 QD = 4750 -50P Graph the supply and demand curve. Label consumer surplus and producer surplus
- What is the amount of the tax? $ 120- Ptax What is consumer surplus before the tax? $ 110- 100- Consumer surplus by $ as a result of the tax. 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 5055 D 0+ 20 40 60 80 100 120What is producer and consumer surplus AFTET tax?Question 4 24 22 20 18 Supply 16 14 12 10 4 Demand 369 12 15 18 21 24 27 30 33 36 QUANTITY Consider the market described by the graph above where the vertical distance between points A and B represents a tax in the market. The per-unit burden of the tax on sellers is $4 and the tax results in a loss of $72 in producer surplus. $8 and the tax results in a loss of $48 in producer surplus. $4 and the tax results in a loss of $16 in producer surplus. $8 and the tax results in a loss of $16 in producer surplus.
- What is producer and consumer surplus PRIOR to tax?Price (dollars per bunch) 24] S+tax 22 20 18 18. 16 14 14+ 12- 10- D. 8 64 60 80 20 40 60 80 100 120 140 Quantity (bunches per week) The above graph describes the market for roses, which is at equilibrium at point 1. Suppose that the government imposes a tax on the rose sellers of $6 per bunch. What percentage of the economic burden of the tax is paid by the rose buyers? 50% 67% 100% 0%The figure below represents a market where the government has imposed a $1 per-unit tax on the suppliers of gasoline. Use it to answer the question below S2 A S1 P2* P1* G Q2* Q1* What area represents the portion of the tax that is paid by the producers? O G+F+E+H+ O B+C+G+F O D+E O E O G+F+E O G+F