Consider the graph at right. Assume that before any tax, firms were willing to supply 5 thousand pounds of lobster at a price of $50 per pound. Use the line drawing tool to draw a new supply curve reflecting a $20 per pound tax. Label this line 'S Tax Carefully follow the instructions above, and only draw the required object. (Enter all responses as whole numbers) The new price consumers will pay is $ and Price 100- 95- 90- 85- 80- 75- 70- 65- 60- 55- 50- 45- 40- 35- 30- 25+ 20- 15- 10- 2505OSd 0- 0 -~ 5 1 STOR 6 Quantity (thousands) -00 S ta
Consider the graph at right. Assume that before any tax, firms were willing to supply 5 thousand pounds of lobster at a price of $50 per pound. Use the line drawing tool to draw a new supply curve reflecting a $20 per pound tax. Label this line 'S Tax Carefully follow the instructions above, and only draw the required object. (Enter all responses as whole numbers) The new price consumers will pay is $ and Price 100- 95- 90- 85- 80- 75- 70- 65- 60- 55- 50- 45- 40- 35- 30- 25+ 20- 15- 10- 2505OSd 0- 0 -~ 5 1 STOR 6 Quantity (thousands) -00 S ta
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 28CTQ: Would you expect supply to play a more significant role in determining the price of a basic...
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