Figure 4-25PriceP.P2QuantityRefer to Figure 4-25. The benefit to the government ismeasured by tax revenue and is represented by area A + B.measured by tax revenue and is represented by area B + D.measured by the net gain in total surplus and is represented by area B + D.measured by the net gain in total surplus and is represented by area D + E.

Suppose, the government imposes any tax on a product, it will form a dead-weight loss and make a…

Answered: Figure 4-25 Price P. P2 Quantity Refer…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price $150 200 250 300 350 400 450 500 550 600 650 1. Equilibrium price $350 2. Quantity 50 3. Consumer Surplus? 6250 4. Producer Surplus? 6250 500 7. Remove the tax. Imposes a price floor $100 below the equilibrium price a Fiquilibrium price $350 and quantity? 50 Quantity Demanded 100 90 5. What is the total surplus? 12500 6. Suppose a $200 unit tax is placed on the good being sold. How much tax revenue is to be made? 4000 b. Resulting amount of surplus/shortage if any (0 if none) 0 8. Remove the price floor Impose a price ceiling $50 below the equilibrium price a Equilibrium price $350 and quantity? 50 b. Resulting amount of surplus/shortage (0 if none) o 80 70 60 50 40 30 20 10 0 Quantity Supplied 10 20 30 40 50 60 70 80 90 100 . How much deadweight loss is created (0 if none)?
The vertical distance between points A and B represents a tax in the market. 22- Price 222 20 18- 16 14 12- 22 10 8 9 Supply Demand 100 200 300 400 500 600 700 800 900 1000 Quantity Refer to Figure 8-6. Total surplus with the tax in place is
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Explain whether the state of Tennessee had a surplus in fiscal year 2019. A The state did not have a surplus in fiscal year 2019 because the total revenues were equal to the total expenditures. B The state had a surplus in fiscal year 2019 because total revenues were about $7.676 billion more than total expenditures. C The state did not have a surplus in fiscal year 2019 because total expenditures were about $7.676 billion more than total revenues. D The state had a surplus in fiscal year 2019 because total revenues were about $53.441 billion
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First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer handbags in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per handbag) 500 450 400 Demand 350 300 250 200 Before Tax Supply 150 100 50 0 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags) + Equilibrium Consumer Surplus Producer Surplus ?
6. Use the following graph shown to fill in the table that follows. Consumer surplus Producer surplus Tux revenue Total surplus Price P3 P₁ P₂ I B D WITHOUT TAX CIE WITH TAX Quantity CHANGE
GRAPH ($) Price 90 $90.00 8288 288 2 80 70 60 50 40 30 20 10 0 $50.00 1.0 2.0 3.0 6.0 5.0 4.0 Surplus Measures 7.0 S 8.0 9.0 Off Quantity (thousands per week) 0 SETTINGS Tax imposed on: Excise Tax (0-$20) Demand Perfectly Inelastic Supply Less Elastic CALCULATIONS No Taxi With Tax Supply Relatively Elastic Perfectly Elastic Demand Price Paid $50.00 $50.00 0.00 Relatively Elastic Perfectly Elastic Quantity Reset 4,000 4,000 Instructions: Set demand relatively inelastic such that the X intercept of the demand curve is 6 thousand units (this corresponds to a vertical intercept of 150), supply relatively elastic such that the vertical intercept is $10, and there is no excise tax (set to $0). Use the Surplus Areas switch above the graph as needed.
2- The demand curve for a good is q = 100 p/c where c is a constant and c ≥ 0. The supply curve for the good is q=10+p. A quantity tax of t=$10 per unit is imposed on this product. a. By how much will the price of the product rise? b. What are the maximum and minimum possible changes in price? C. What is the producer's share of the tax? d. Find the elasticity of demand at p=10. (Assuming c≥ 0.1).
1. Price $152 $144 $136 $128 $120 $112 $104 $96 $88 $80 572 S64 $56 $48 $40 $32 CORNW 524 $16 $8 SO 0 25 50 75 100 1₁ 125 150 - - Supply 175 200 Quantity 225 Demand A. Calculate consumer surplus at the equilibrium price and quantity B. Calculate producer surplus at the equilibrium price and quantity D. Calculate total surplus at the equilibrium price and quantity D. Shade the area of the graph that corresponds to total surplus 250 275 300 325 350 375

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