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Carbon tax debate heats up in Montpelier VT Vermonters are debating the pros and cons of a state carbon tax-a new tax on gasoline, heating oil, and other fossil fuels sold in the state. Backers say the tax revenue would be used to cut other taxes and increase energy efficiency. Source: Watchdog.org, December 3, 2015 Draw a graph of the market for gasoline in Vermont to show the "pro" and the "con" for a state carbon tax. The graph shows the market for gasoline in Vermont when there is no carbon tax on gasoline. Draw a point that shows the market equilibrium. Label it 1 Transport that uses gasoline creates emissions pollution, and the quantity of emissions increases as the amount of gasoline used increases. Draw the marginal social cost curve and label the curve. Draw a point at the efficient market outcome. Label it 2. Now suppose the government places a carbon tax on gasoline equal to the marginal external cost at the efficient quantity of transport. Draw an arrow at the efficient…

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K P % 5 My Child, My Choice If all U.S. children were vaccinated many lives would be saved, infections would be down, and medical costs would be lower. Vaccinations protect not only the kids that receive the shots but also those who can't receive them. Source: Time, June 2, 2008 Draw a graph to illustrate the private market for vaccinations and show the deadweight loss. t Draw a demand and marginal benefit curve. Label it D = MB. Draw a supply and marginal cost curve. Label it S= MC. As the quantity of vaccinations increases, the marginal external benefit from each vaccination decreases. Draw a marginal social benefit curve. Label it MSB. Draw a point at the market equilibrium. Label it 1. Draw a point at the efficient equilibrium. Label it 2. Draw a triangle that shows the deadweight loss. Label it DWL. 6 y g h & 7 O * 8 70 O k ( 9 $ O 12- 10- 8- 0- 0 Price (dollars per flu shot) 8 10 Quantity (millions of flu shots per season) >>> Draw only the objects specified in the question. 0 р…

If the market is in equilibrium, price is $12 and quantity is 900. What is the consumer surplus, producer surplus, total surplus

The graph shows the market for backpacks. Price (dollars per backpack) 22- 20- 18- 16- 14- 12- 10- 8 6- D 100 200 300 400 500 600 700 800 Quantity (backpacks per day) If a sales tax of $4 a backpack is imposed, calculate the tax burden. The tax burden is $ Type a day. That's incorrect. With a $4 tax on backpacks, the price paid by the buyer is $4 more than the price received by the seller. What is the quantity of backpacks bought and sold? What is the tax revenue? What is the excess burden? What is the tax burden?

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Part A:  Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica.  Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefitted from the hurricane.  Why did this occur? what information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? Part B:  Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.

Table: The market for taxi rides Fare (per ride) $7.50 7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 5 6 7 89 10 11 12 13 14 15 Quantity of rides (millions per year) Look at the table "The Market for Taxi Rides". If a tax of $2.00 per taxi ride is implemented in this market, how much will consumers pay for a taxi ride? O $6.00 O $4.00 O $7.00 O $5.00

The graph shows the market for pillows in which the government has imposed a sales tax of $6 per pillow on sellers. Draw a point to show the price of a pillow and the quantity of pillows bought and sold with no tax. Label it 1. Draw a point to show the price paid by buyers and the quantity of pillows bought following the tax. Label it 2. Draw a point to show the price received by sellers and the quantity of pillows sold following the tax. Label it 3. The tax is O A. split between sellers and buyers, with buyers paying more than sellers O B. paid by buyers and not sellers because tax is always added to the sale price at the check-out OC. paid by sellers and not buyers because the government imposed the tax on sellers O D. split evenly between sellers and buyers 16 14- 12- 10- 84 6- 4- 2- Price (dollars per pillow) S + tax on sellers S D 12 + 6 10 Quantity (millions of pillows per year) >>> Draw only the objects specified in the question.

Economics "In South Africa, the tax on insulin is between 10 and 20 percent. If you are rich and living in South Africa, this is not a problem, but if you are poor, then insulin becomes something that you cannot afford." Why do buyers care so much about a tax on insulin, a vital daily medicine for those with diabetes?   a.   Because the tax incidence is equal between the buyers and sellers b.   Because buyers pay virtually the entire tax on insulin because the demand is almost perfectly inelastic c. Because more insulin can be provided to those in need   d. Because sellers increase their profit when there is a tax

The following graph shows the daily market for wine. Suppose the government institutes a tax of $11.60 per bottle. This places a wedge between the price buyers pay and the price sellers receive. (? 50 45 40 Supply 35 Tax Wedge 10 5 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Bottles of wine) PRICE (Dollars per bottle)

Table: The market for taxi rides Fare (per ride) $7.50 7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 D. 2.50 2.00 5 6 7 89 10 11 12 13 14 15 Quantity of rides (millions per year) Look at the table "The Market for Taxi Rides". If a tax of $2.00 per taxi ride is implemented in this market, how many taxi rides will be taken? O 10 million 6 million 8 million 9 million

2. Hope, Arkansas (home of both ex-President Bill Clinton and former Presidential candidate Mike Huckabee), has a subway system, for which a one-way fare is $1.50. There is pressure on Governor Huckabee to reduce the fare by one-third, to $1.00. The Governor is dismayed, thinking that this will mean Hope is losing one-third of its revenue from sales of subway tickets. The Governor's economic advisor reminds him that he is focusing only on the price effect and ignoring the quantity effect. Explain why the Governor's estimate of a one-third loss of revenue is likely to be an overestimate using elasticity of demand.

Homework (Ch 06) Back to Assignment Attempts Do No Harm / 2 5. Calculating tax incidence Suppose that the U.S. government decides to charge wine consumers a tax. Before the tax, 50 million bottles of wine were sold every month at a price of $4 per bottle. After the tax, 45 million bottles of wine are sold every month; consumers pay $6 per bottle (including the tax), and producers receive $3 per bottle. per bottle. Of this amount, the burden that falls on consumers is $ per bottle, and the The amount of the tax on a bottle of wine is $ burden that falls on producers is $ per bottle. True or False: The effect of the tax on the quantity sold would have been larger if the tax had been levied on producers. O True O False

part 7 8 The UK government is considering the introduction of a unit tax on meat to alleviate the impact of meat production on the environment, as suggested by the UK Health Alliance on Climate Change. The likely effect of the introduction of the unit tax is shown in the graph below. 1. Calculate the unit tax on meat and the total tax revenue forecasted to be collected by the UK government if introducing the tax. You are required to show your workings  2. Calculate the incidence of the tax on consumers and on producers (total burden on consumers and total burden on producers)  3. Calculate consumer surplus before and after the implementation of the unit tax 4. What might have been the reasons for the UK government to have had imposed a tax on meat? 5.  Surrey Sport Park, where Mohammed works as personal trainer, has experienced an increase in the number of subscriptions after the pandemic. In reward for his commitment and hard work during this period of high demand, Mohammed will…

part 7 8  The UK government is considering the introduction of a unit tax on meat to alleviate the impact of meat production on the environment, as suggested by the UK Health Alliance on Climate Change. The likely effect of the introduction of the unit tax is shown in the graph below. 1. Calculate the unit tax on meat and the total tax revenue forecasted to be collected by the UK government if introducing the tax. You are required to show your workings  2. Calculate the incidence of the tax on consumers and on producers (total burden on consumers and total burden on producers)  3. Calculate consumer surplus before and after the implementation of the unit tax 4. What might have been the reasons for the UK government to have had imposed a tax on meat? 5.  Surrey Sport Park, where Mohammed works as personal trainer, has experienced an increase in the number of subscriptions after the pandemic. In reward for his commitment and hard work during this period of high demand, Mohammed will…

With the help of appropriate diagrams, explain how a tax can be used to reduce the consumption of a harmful product such as cigarettes.

what is the main problem in demand and supply