(Figure: The Market for Beyond Meat Burgers) Use Figure: The Market for Beyond Meat Burgers. If the market is originally in equilibrium, and the government imposes a tax of $0.80 per unit of the good sold, the amount of the tax paid by consumers is: Price per burger $3.50 2.00 1.50 1.20 $1.00. $0.50 $0.30. $0.80. 0 S D 300 400 Quantity of burgers (per week)

(Figure: The Market for Beyond Meat Burgers) Use Figure: The Market for Beyond Meat Burgers. If the market is originally in equilibrium, and the government imposes a tax of $0.80 per unit of the good sold, the amount of the tax paid by consumers is: Price per burger $3.50 2.00 1.50 1.20 $1.00. $0.50 $0.30. $0.80. 0 S D 300 400 Quantity of burgers (per week)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9. Effect of a tax on buyers and sellers The following graph shows the daily market for wine when the tax on sellers is set at $0 per bottle. Suppose the government institutes a tax of $40.60 per bottle, to be paid by the seller. (Hint: To see the impact of the tax, enter the value of the tax in the Tax on Sellers field and move the green line to the after-tax equilibrium by adjusting the value in the Quantity field. Then, enter zero in the Tax on Sellers field. You should see a tax wedge between the price buyers pay and the price sellers receive.) Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 200 PRICE (Dollars per bottle) 160 Supply 140 120 100 14 80 Demand 60 40 20 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Bottles of wine) 180 0 Before Tax After Tax Graph Input Tool…
(Figure: Consumer Surplus for Mystery Books) In the figure Consumer Surplus for Mystery Books, when the price falls from $30 to $25, consumer surplus for a total consumer surplus of Price of book $59 45 35 30 25 10 Aurora 0 1 increases by $5; $54 decreases by $15; $34 increases by $25; $74 increases by $15; $64 2 Flynn 3 Merida Ariel Naveen D 4 5 Quantity of books
9) The following graph shows the effect of a per-ticket tax on plane tickets from Boston to Tampa. Use the graph to answer questions 5 to 10. $30 $20 $10 Price (P) of airline tickets (in dollars per ticket) How much of the per-ticket tax is paid by passengers? $40 230 200 190 2850 3000 Swith tax Sno tax D Figure 14 Image author created Quantity (Q) of airline tickets (thousands per day)
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6 . Consumer Surplus Ana buys an iPhone for $150 and gets a consumer surplus of $200. Her willingness to pay for an iPhone is $_________. If she had bought the iPhone on sale for $100, her consumer surplus would have been $_______. If the price of the iPhone had been $370, her consumer surplus would have been $_________.
10. (Figure: Producer Surplus in the Market for Baseballs) Consider the figure Producer Surplus in the Market for Baseballs. If the price falls from P₂ to P₁, the producer surplus will decrease by the area: Price of baseballs P2 P₁ P2P1KM P2M0. OLMK Ο ΡΙΚΟ L K M S Q₁ Q3 Quantity of baseballs
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(please don't use Ai solution) Using relevant examples from an economy or business that you are familiar with, discuss how the following economic concepts is useful to business managers and public sector representatives. a. Accurate data on the elasticity of demand for specific goods and services in an economy is important to the public sector representatives. Explain why and how this data can be used for decision making? Please include graphs and in text and referencing
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(Figure: Supply and Demand in the Market for Cappuccinos) Use Figure: Supply and Demand in the Market for Cappuccinos. A price ceiling of $4 causes: Price of cappuccinos A $6 $5 C B $4 D E a shortage equal to the distance AB. a surplus equal to the distance AB. a shortage equal to the distance DE. no change in the market. Supply Demand 6 7 9 Quantity of cappuccinos (per week)