Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. The government will impose Php 1.5 as sales tax How much is the consumer surplus, without sales tax? (Use a number, up to 4 decimal values, no commas, no space) * Your answer How much is the price of the product paid by the consumer, due to the sale tax? (Use a number, up to 4 decimal values, no commas, no space) * Your answer How much is the producer surplus, with sales tax? (Use a number, up to 4 decimal values, no commas, no space) *
Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. The government will impose Php 1.5 as sales tax How much is the consumer surplus, without sales tax? (Use a number, up to 4 decimal values, no commas, no space) * Your answer How much is the price of the product paid by the consumer, due to the sale tax? (Use a number, up to 4 decimal values, no commas, no space) * Your answer How much is the producer surplus, with sales tax? (Use a number, up to 4 decimal values, no commas, no space) *
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider the market for product ABC, when the price is at Php 12,
quantity demanded is 6 units and quantity supplied is 3 units.
An eight pesos increase in the price would change quantity demanded
by 2 units and quantity supplied by 4 units.
The government will impose Php 1.5 as sales tax
How much is the consumer surplus, without sales tax? (Use a number, up to 4
decimal values, no commas, no space) *
Your answer
How much is the price of the product paid by the consumer, due to the sale tax?
(Use a number, up to 4 decimal values, no commas, no space) *
Your answer
How much is the producer surplus, with sales tax? (Use a number, up to 4
decimal values, no commas, no space) *
Your answer
How much is the consumer surplus, with sales tax? (Use a number, up to 4
decimal values, no commas, no space) *
Your answer
How much is the change in the price for the consumer, due to the sale tax? (Use
a number, up to 4 decimal values, no commas, no space) *
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