2018161412Sapply10Demand163248648096112Suppose that a $6 tax is imposed on consumers in the market depicted above.What is the tax incidence?a. 1/3b. 3/4c. 2/3d. 1/2 Supply +taxDemandSupplyH,What is the tax incidence for consumers?a. 1/2b. 1c. infinityd. 0

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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 additional tax on top of the standard tax? a. surtax b. EVAT c. corporate tax d. statutory contributions
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Text Box 7rice 16 Suppose the government imposed a per unit tax of S6 on buyers. 14 12 Work out the following. 10 Answer Equilibrium Quantity after tax Price paid by buyers after tax (P») Price received by sellers after tax (P,) Tax Revenue collected by government The burden of tax on buyers 20 10 4 120 2. The burden of tax on Sellers 4 10 20 30 40 50 60 70 80
Suppose the market for cigarette is competitive. An economist estimates the price elasticity of demand and supply for cigarette are -0.6 and 0.8 respectively. a. Suppose the government imposes a per-unit tax on the cigarette sellers. Who, buyers or sellers, would share a heavier tax burden? Explain your answers without calculation. b. Suppose the government imposes a per-unit tax of $40 on the cigarette sellers. By how much would buyers and sellers of cigarettes share the tax burden respectively? Show your calculation. c. Suppose many small sellers, such as newsstands, complain the heavy tax burden borne by them. Would it be better to these small sellers if the government decides to impose a $20 per-unit tax on both the buyers and the sellers of cigarette? Explain.
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20 18 16 14 12 Sapply 10 Demand 16 32 48 64 80 96 112 Suppose that a $6 tax is imposed on consumers in the market depicted above. What is the tax incidence? a. 1/3 b. 3/4 c. 2/3 d. 1/2 Supply +tax Demand Supply H, What is the tax incidence for consumers? a. 1/2 b. 1 c. infinity d. 0