Answered: (Figure: The Market for Yachts) Look at…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Figure: The Market for Yachts) Look at the figure The Market for Yachts. If the government imposes a $60,000 tax on yachts (collected from the producers), the price of yachts will rise to _____ and the government will collect _____.

Use the following to answer questions 34-37:
Figure: The Market for Yachts
Price of
yachts
$220,000
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
S
D
2,000 4,000 6,000 8,000 10,000 12,000
Number of yachts
Page 7

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