Create two demand and supply diagrams in powerpoint to demonstrate the following: In your first diagram show the negative externality of consuming too much fast food. Carefully label your diagram and identify the deadweight loss. In your second diagram add a tax to this market. Highlight what happens to consumption. In a dot point below your last diagram briefly tell us whether the second diagram has a deadweight loss.
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Create two
In your first diagram show the negative externality of consuming too much fast food. Carefully label your diagram and identify the
In your second diagram add a tax to this market. Highlight what happens to consumption.
In a dot point below your last diagram briefly tell us whether the second diagram has a deadweight loss.
Step by step
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- the drop down options are jeans and allergy medicationNew York has historically imposed several kinds of price control. For instance, rent control began as a wartime emergency measure to protect renters amid a housing shortage but has long endured. Draw and label a demand curve and a supply curve in the market for rental units in New York City. Use the graph to explain why a price ceiling would result in a shortage of rental units. Refer to the graph you drew to answer the previous question. Describe the area in the graph that represents the deadweight loss caused by the ceiling on the price of rental units.An externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is beneficial, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to reflect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. (?) PRICE (Dollars per unit) QUANTITY (Units) Supply Demand ¦ þ Demand Supply
- Economics Question9. Relationship between tax revenues, deadweight loss, and demandelasticity The government is considering levying a tax of $60 per unit on suppliers of either smart watches or yoga mats. The supply curve for each of these two goods is identical, as you can see on each of the following graphs. The demand for smart watches is shown by Dw (on the first graph), and the demand for yoga mats is shown by Dy (on the second graph). Suppose the government taxes smart watches. The following graph shows the annual supply and demand for this good. It also shows the supply curve (S + Tax) shifted up by the amount of the proposed tax ($60 per watch). On the following graph, use the green rectangle (triangle symbols) to shade the area that represents tax revenue for smart watches. Then use the black triangle (plus symbols) to shade the area that represents the deadweight loss associated with the tax. PRICE (Dollars per watch) 120 110 100 90 80 70 60 50 40 30 20 10 0 Smart Watches Market S+Tax Supply…Suppose that the government imposes a per-unit tax on cell phones. The tax is imposed on producers of cell phones and the amount of the tax is $50 per cell phone. The following graph shows the effect of the tax. Use the graph to answer the following questions. a) What is the equilibrium P* and Q* before the imposition of the tax? b) How many cell phones per year are sold after the tax has been imposed? What price per cell phone do consumers pay after the tax has been imposed? c) What price do producers receive per cell phone after the tax is paid?
- All jurisdictions in the United States have laws against drunk driving, with penalties ranging from lost driving privileges to jail time. But in many jurisdictions, establishments can also be held liable for selling alcohol to visibly intoxicated patrons who then cause accidents. In those locales, having drunk drivers on the road is a negative externality that both consumers and producers must internalize.The effect on the supply and demand curves for alcoholic beverages is to shift both curves to the left: as drinkers moderate their intake, demand drops from DInternal to DSocial, and as bars and liquor stores refuse service to drunk patrons, supply drops from SInternal to SSocial. Which point on the graph represents the social optimum in this situation? Mark your answer using the point tool.John and Michael are the only consumers in a town that is planning on putting on a fireworks display. The graph below shows John and Michael's demand curves for a fireworks display. Based on the information given in the graph manipulate the blue line segment to reflect the overall demand for the fireworks display. Cost ($) 12 11 10 9 00 8 7 50 4 3 2 1 John's Demand Quantity Demand Michael's Demand 2 3 What kind of good is a fireworks display? Quasi-public good Private good Public good Common resourceThe graph shows the schedule for hours of tutoring in economics. If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease by, in numerals, $_____. Please type the correct answer in the following input field, and then select the submit answer button or press the enter key when finished. Your answer:
- The graph below shows the daily demand for entry into the downtown core of a major city by commuter vehicles and shoppers’ vehicles if they were required to pay a special traffic fee in order to enter.a. Draw the total demand curve. Plot only three points of the curve. b. Assuming that there is no charge for entry, what is the total number of vehicles entering downtown? (Give your answers in tens of thousands of vehicles.) Quantity of vehicles: c. Suppose that government, in an effort to reduce the number of vehicles by 50 percent, decides to impose a traffic fee (the same fee for both commuters and shoppers) for entry into the downtown area. What will be the amount of the fee, and how many of each group will enter downtown? Fee: $ Number of commuter vehicles: Number of shoppers’vehicles: d. Assume that government, alternatively, decides to have a two-fee system but still wishes to reduce the traffic by 50 percent of the no-fee entry level. If it decides…With the help of appropriate diagrams, explain how a tax can be used to reduce the consumption of a harmful product such as cigarettes.Image the social demand function for a commodity takes the following form: Q = 400 – 10p • Please graph the social demand curve (i.e., WTP curve) for this commodity. Label accordingly. What is the WTP for the 10 unit of output? For the 50 unit? How much overall benefit does society get for consuming 50 units? • How does consumer surplus change if prices fall from $16 to $14? Please show all of your work, including the formulas discussed in class.