Calculating tax incidence uppose that the local government of Jacksonville decides to institute a tax on seltzer producers. Before the tax, 15 billion packs of seltzer were sold very year at a price of $9 per pack. After the tax, 9 billion packs of seltzer are sold every year; consumers pay $12 per pack, and producers receive 4 per pack (after paying the tax). he amount of the tax on a pack of seltzer is $ urden that falls on producers is $ O True per pack. ue or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. Fales per pack. Of this amount, the burden that falls on consumers is $ per pack, and the

Calculating tax incidence uppose that the local government of Jacksonville decides to institute a tax on seltzer producers. Before the tax, 15 billion packs of seltzer were sold very year at a price of $9 per pack. After the tax, 9 billion packs of seltzer are sold every year; consumers pay $12 per pack, and producers receive 4 per pack (after paying the tax). he amount of the tax on a pack of seltzer is $ urden that falls on producers is $ O True per pack. ue or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. Fales per pack. Of this amount, the burden that falls on consumers is $ per pack, and the

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 following is a Table that contains the demand and supply schedules of chocolate ice-creams. Price (cents per ice-cream) $0.90 0.80 0.70 0.60 0.50 0.40 Quantity Demanded (millions per day) 1 asifWNH 2 3 4 5 6 Quantity Supplied (millions per day) 7 6 10 10 5 4 3 2 a) If there is no tax on ice-creams, what is their price and how many are produced and consumed? b) If a tax of $0.20 cents is imposed on every ice-cream consumed, what happens to the price of an ice-cream and the number produced and consumed? Illustrate the effects of this policy on the market for chocolate ice-creams. c) How much tax does the government collect and who pays it?
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How does elasticity affect the burden of a tax? (max: 4 sentences)
li, GRAPH O SETTINGS Tax Burden of Reset ($) Price Tax imposed on: Supply Demand 90 $90.00 Excise Tox (0 - $20) 0.00 80 70 Demand Perfectly Inelastic Relatively Elastic 60 Relatively Elastic $50.00 40 Supply Less Elastic Perfectly Elastic 30 Perfectly Elastic 20 10 CALCULATIONS 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Quantity (thousands per week) Price Paid Quantity No Tax $50.00 4,000 With Tax $50.00 4,000
Sinead commutes from her suburban residence to the city center. When asked her opinion of a proposed congestion tax of $5 per trip, she says, “Of course I oppose the congestion tax. It would make me worse off by $5 per trip. What do you think I am, stupid?” Critically appraise Sinead’s statement.
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