blue The Government is considering introducing an annual land tax on unim- proved land values. - Draw a graph of the demand and supply curves. - Show on the graph the impact of introducing the tax. Identify the tax revenue, dead weight loss and any change in the price or quantity of land. - Briefly discuss the economic costs associated the proposed land tax. How might your analysis of the costs change if it were levied instead on the combined value of the land and house?
blue The Government is considering introducing an annual land tax on unim- proved land values. - Draw a graph of the demand and supply curves. - Show on the graph the impact of introducing the tax. Identify the tax revenue, dead weight loss and any change in the price or quantity of land. - Briefly discuss the economic costs associated the proposed land tax. How might your analysis of the costs change if it were levied instead on the combined value of the land and house?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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11
![blue The Government is considering introducing an annual land tax on unim-
proved land values.
- Draw a graph of the demand and supply curves.
- Show on the graph the impact of introducing the tax. Identify the
tax revenue, dead weight loss and any change in the price or quantity
of land.
-
Briefly discuss the economic costs associated the proposed land tax.
How might your analysis of the costs change if it were levied instead
on the combined value of the land and house?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9f4205f4-647a-4982-959f-fa42193f3ae0%2Fc63f1d57-0d46-4f0f-ba7a-288ddac19160%2Firhpxj_processed.png&w=3840&q=75)
Transcribed Image Text:blue The Government is considering introducing an annual land tax on unim-
proved land values.
- Draw a graph of the demand and supply curves.
- Show on the graph the impact of introducing the tax. Identify the
tax revenue, dead weight loss and any change in the price or quantity
of land.
-
Briefly discuss the economic costs associated the proposed land tax.
How might your analysis of the costs change if it were levied instead
on the combined value of the land and house?
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