The graph shows the market for chocolate bars. Draw a point at the equilibrium quantity and equilibrium price of chocolate bars. Label it 1. Suppose that the government levies a $1.50 tax on a bar of chocolate. Draw the S+ tax curve and label it. Draw a point to show the quantity bought and sold and the price paid by buyers. Label it 2. Draw a point to show the quantity bought and sold and the price received by sellers. Label it 3. The pays most of the tax. The deadweight loss is $ >>> Answer to 1 decimal place. million.

The graph shows the market for chocolate bars. Draw a point at the equilibrium quantity and equilibrium price of chocolate bars. Label it 1. Suppose that the government levies a $1.50 tax on a bar of chocolate. Draw the S+ tax curve and label it. Draw a point to show the quantity bought and sold and the price paid by buyers. Label it 2. Draw a point to show the quantity bought and sold and the price received by sellers. Label it 3. The pays most of the tax. The deadweight loss is $ >>> Answer to 1 decimal place. million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph shows the market for chocolate bars. Draw a point at the equilibrium quantity and equilibrium price of chocolate bars. Label it 1. Suppose that the government levies a $1.50 tax on a bar of chocolate. Draw the S+ tax curve and label it. Draw a point to show the quantity bought and sold and the price paid by buyers. Label it 2. Draw a point to show the quantity bought and sold and the price received by sellers. Label it 3. The pays most of the tax. The deadweight loss is $ >>> Answer to 1 decimal place. million.
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