The following graph represents the demand and supply for an imaginary good called a pinckney. The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. Complete the following table, given the information presented on the graph.ResultValuePer-unit tax Price producers receive before tax Equilibrium quantity after tax In the following table, indicate which of the previous graph’s areas corresponds to each concept. Check all that apply.ConceptABCDEFProducer surplus after the tax is imposed Tax revenue after the tax is imposed Consumer surplus after the tax is imposed DemandSupply28.00B20.00D E12.002QUANTITY (Pinckneys)PRICE (Dollars per pinckney)

In a market, there is producer and consumer who helps in keeping the market in equilibrium. Producer…

Answered: Demand Supply 28.00 B 20.00 D E 12.00 2…

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 graph represents the demand and supply for an imaginary good called a pinckney. The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario.

Complete the following table, given the information presented on the graph.

Result	Value
Per-unit tax
Price producers receive before tax
Equilibrium quantity after tax

In the following table, indicate which of the previous graph’s areas corresponds to each concept. Check all that apply.

Concept	A	B	C	D	E	F
Producer surplus after the tax is imposed
Tax revenue after the tax is imposed
Consumer surplus after the tax is imposed

Demand
Supply
28.00
B
20.00
D E
12.00
2
QUANTITY (Pinckneys)
PRICE (Dollars per pinckney)

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