The following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. Demand Supply A 32.00 - 24.00 D 16.00 = F 10 20 QUANTITY (Pinckneys) PRICE (Dollars per pinckney)
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- A state tax on portable electronic devices causes sales of a single model of a handheld calculator to decrease from 80 to 70 per week. The tax is assessed as a tax on sellers when they receive the units from suppliers. Drag the appropriate curves (including the Quantity curve) to show the effects on the market. To refer to the graphing tutorial for this question type, please click here. Price (S) 100 100 Quant 140 130 120 110 100 GO 80 80 70 00 00 40 30 20 10 80 Quantity (per week) What tax revenue will the state collect from sales of this one model of calculator through the new tax? The tax revenue is $ per week.Daily demand for gasoline at a Gas Station is described by Q = 980 - 300p, where Q are gallons of gasoline sold and p is the price in dollars. Gas Station's supply is Q = -2,980 + 3,000p. Suppose the state government places a tax of 18 cents on every gallon of gasoline sold. (a) What are the before-tax and after-tax equilibrium quantities of gasoline Q? (b) What are the changes in consumer's and producer's surplus due to tax? (c) What is the deadweight loss resulting from this tax?The demand and supply equations for a product are: Q"= 300 – 6P and Q' = -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. • Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus and dead weight loss.
- The demand and supply equations for a product are: Q= 300 — 6P and Q.= -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producer surplus, and deadweight loss.The demand and supply equations for a product are: Qd = 300 - 6P and Qs = -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumer pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus and dead weight loss.The demand and supply equations for a product are: Qd= 300 — 6P and Qs= -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus, and deadweight loss
- A tax on a good with perfectly elastic demand causes the supply to shift from S1 to S2, as shown. Use the area tool to draw the triangle representing the producer surplus before the tax. To refer to the graphing tutorial for this question type, please click here. Price ($) S2 S1 4 VIEW SOLUTION A SUBMIT ANSWER 7 OF 14 QUESTIONS COMPLETED MacBook ProThe following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. PRICE (Dollars per pinckney) 37.50- 30.00 22.50 Demand Result Per-unit A B D с E 2.5 Supply QUANTITY (Pinckneys) Complete the following table, given the information presented on the graph. Equilibrium quantity after tax Price producers receive before tax $ Value ?owing graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax ium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) Indicate the after-tax scenario. Demand Supply 6.50 - B. 5.00 3.50 - E QUANTITY (Pinckneys) Complete the following table, given the information presented on the graph. Result Value Equilibrium quantity before tax Per-unit tax Price consumers pay after tax In the following table, indicate which areas on the previous graph correspond to each concept. Check all that apply. Concept B F Consumer surplus after the tax is imposed Producer surplus after the tax is imposed Deadweight loss after the tax is imposed PRICE (Dolars per pinckney)
- An annual city permit fee causes the supply curve for hot dogs from food carts to shift from S1 to S2. The fee is based on number of units sold and therefore works like a per-item tax on sellers. Use the area tool to draw the area representing the deadweight loss that is due to the tax. To refer to the graphing tutorial for this question type, please click here. Price ($) 8. S2 S1 7.5 7 6.5 5.5 5 4.5 4 3.5 3 2.5 2 1.5 1 0.5 4 VIEW SOLUTION * SUBMIT ANSWER 7 OF 14 QUESTIONS COMPLETED MacBook ProOn June 2, 2008, the State of New York imposed a tax of $1.25 per pack of cigarettes. Prior to the tax, the market price was $5.82 per pack and there were 1 million New York smokers. Assume that each smoker consumes one pack of cigarettes per day. After the tax, N.Y. Health Commissioner estimated that 140,000 people stopped smoking and the market price of cigarettes increased from $5.82/pack to $6.57/pack. Calculate the price elasticity of demand based on these estimates and assumptions.The following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has Just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. Demand Supply 16, 18 21.00 18.00 15.00 QUANTITY (Pinckneys) Complete the following table, given the information presented on the graph. Result Value Per-unit tax $6.00 Equilbrium quantity before tax Price producers recelve before tax $18.00 In the following table, indicate which areas on the previous graph correspond to each concept. Check all that apply. Concept D. Deadweight loss after the tax is imposed Consumer surplus after the tax is imposed Producer surplus before the tax Is imposed PRICE (Dotars per pinckney) 口□□