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Two of the primary purposes of taxes are to fund the government and mitigate the negative effects of many consumer products.
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- Justify the statement. True/False Indirect taxes are paid directly by people to the government.Why is tax necessary for the government? Substantiate your answer in 2 paragraphsThe tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack. What are some of the secondary effects of this tax? Check all that apply.
- True or false the burden of of the tax falls on the party who actually pays the money for the tax to the government.A fixed tax on a product implies that the consumer is the one who ends up bearing the full burden of the tax. True or falseNobel Prize-winning economist Gary Becker suggested that prohibited drugs should be legalized and then taxed. This would the seller's cost and government revenue. a) increase; decrease b) decrease; increase c) increase; increase d) decrease; decrease
- Willy the Worker has unavoidable personal commitments taking 8 hours per day. He can choose to work or to play (i.e., take leisure, a normal good) in the remaining hours. Being a graduate in Economics, he can charge $100 per hour for his consulting services when he chooses to work. The government's income tax system has a 0% tax rate for daily incomes from $0 to $ $600 per day; above $600 per day, the tax rate is 20%. Willy has a certain Utility Function U(L, I) where L = leisure playtime and I = Income. His Marginal Rate of Substitution is known to be derived from this equation: MRSL/I=2I/L. (Note that the "price" of Income is $1.) Willy thinks he pays enough taxes via the excise taxes on things he buys. So he decides to work the maximum number of hours he can without paying any income taxes. According to our Indifference Theory model, is Willy maximizing his satisfaction with his "no tax" choice, or should he work fewer hours?1) The demand function for a product is shown by the equation P = 15 – Q and the Supply function P = 3 + 0.5Q. the product is subject to a tax of IDR.3/unit a. Determine the amount and price of the balance before and after tax. b. determine the amount and the balance price if the government provides a subsidy of IDR.2/unit c. how much tax is borne by producers and consumers d. how much of a subsidy is enjoyed by consumers e. How much does the government get for taxes and the amount of subsidies issued by the government?Which of the following statements is most true? Consumers will pay 1/3 of the tax Producers will pay 1/3 of the tax. Consumers will pay the entire tax Producers will pay the entire tax Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.