11000 - Principles of Economics | S1 20/21Quiz navigationFor a given normal demand curve, the amount of a tax paid by the producer will be larger23Select one:ofO a. the more elastic the supply10111213agO b. the higher is the price1920O c. the more elastic the demandFinish attemptO d. if the tax is placed on the buyerTime left 0:04:49O e. if the tax is placed on the sellerpageNext page

If the demand is more elastic than the supply then the burden of tax will be more on the seller.

For a given normal demand curve, the amount of a tax paid by the producer will be larger Select one: O a. the more elastic the supply O b. the higher is the price O c. the more elastic the demand O d. if the tax is placed on the buyer O e. if the tax is placed on the seller

For a given normal demand curve, the amount of a tax paid by the producer will be larger Select one: O a. the more elastic the supply O b. the higher is the price O c. the more elastic the demand O d. if the tax is placed on the buyer O e. if the tax is placed on the seller

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: If the supply curve is perfectly elastic, then this suggests that the OA. consumers pay a smaller…

A: The question centers on the implications of a perfectly elastic supply curve, particularly in…

Q: Neither the demand nor the supply of sugar is perfectly elastic or inelastic. If the government…

A: The link between amount the number of a trade goods that producers wish to sell at numerous costs…

Q: The demand for cigarettes, which create negativeexternalities through secondhand smoke, is…

A: The demand for inelastic goods changes slightly with response to the price changes because firstly…

Q: Suppose the demand for apple is inelastic and the supply of apple is elastic, and the demand for…

A: incidence of tax is totally dependent on the elasticities of demand and supply curve of the consumer…

Q: 16. A consequence of a Maximum price is: Select one: O a. A new equilibrium established O b. Excess…

A: A maximum price can be defined as the highest price that is maintained by a producer or an industry…

Q: ssible, it should tax: The good with unit elasticity of demand and unit elasticity of supply The…

A: Businesses eliminate deadweight loss in the long run by changing prices to attract customers. Firms…

Q: Cars P S D Suppose that your city puts an excise tax on cars but collects the tax from car buyers…

Q: The price elasticity of demand coefficient measures O a buyer responsiveness to price changes Ob how…

A: The price elasticity of demand (PED) coefficient estimates the responsiveness of the quantity…

Q: If the government wishes to discourage smoking by tax increases, the buyer pays a larger share of…

A: Price Elasticity of Demand measures the percentage change in quantity demanded due to percentage…

Q: $10 Tatal $25 24 21 16 • I2J 4 $678 10 Ouantity Please, select the three (3) right answers: O At…

A: Law of demand states that there exists inverse relationship between price and quantity demanded,…

Q: QUESTION 6 Aman who started a business a few years ago increased the price of the product he sells…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Imposing a sales tax on sellers of a product has an effect that is similar to which of the…

A: Implementation of sales tax on the sellers will affect the supply of the goods.

Q: fa tax is imposed on the buyer of a product the demand curve would shift O downward by the amount of…

A: The demand and supply curves intersects each other at equililibrium point. At equilibrium price…

Q: Price Supply P' K P" L Y M B N Demand Quantity tefer to the figure. Suppose the government imposes a…

A: In the free market, the equilibrium price and quantity is determined by the forces of downward…

Q: The government of your country has recently decided to put a tax on calling cards. This decision by…

A: Equilibrium is achieved at the output level where Qs equals Qd.

Q: What is the formula for the price elasticity of demand? The formula for the price elasticity of…

A: Price elasticity of demand PED = %age change in Quantity demanded / %age change in price Therefore…

Q: The law of demand states that if other factors remain constant there is Select one: a. An…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: Total revenue is equal to Select one: O a. price times quantity minus marginal cost. O b. price…

A: 1. Total revenue is the amount earned by selling goods and services. It is calculated by multiplying…

Q: (This question refers to the MRU video 'The Supply Curve Shifts'.) What effect would a $20 tax have…

Q: pls

A: We have to derive the price of cable TV .

Q: 32. Suppose the frice elasticity of demand for commodity M is less than one. When a tax is imposed…

A: When the price elasticity of demand is less than one, then the demand for the good is inelastic.

Q: The price elasticity of demand coefficient measures O a buyer responsiveness to price changes Ob how…

A: Introduction Price elasticity of demand is an economic concept that measures the responsiveness of…

Q: You're curious to know whether a good's price will rise or fall when we're entering a recession (and…

A: Recession is a phase of business cycle which is period of falling economic activities.

Q: If the supply curve is more elastic relative to demand, then this suggests that the

A: Elasticity is a measure of the degree of change in demand or supply of a commodity in response to…

Q: linear demand curve shown below to answer the following questions. a. The point…

A: Elasticity of demand is a theory in economics that is utilized to explain the relationship between…

Q: es The demand for gasoline is P=5-0.002 Q and the supply is P=0.2 + 0.002 Q, where P is in dollars…

A: Calculation of tax incidence and surplus lossConsumers: original equilibrium price = $5, new…

Q: The demand for pastries slopes downward and the supply of pastries slopes upward. Suppose that the…

A: Elasticity measures how responsive is quantity to changes in price level.

Q: 6. When as a result of decrease in price of good, the total expenditure made on it decreases we say…

A: To find : Price elasticity of demand

Q: If a good is a luxury, its income elasticity of demand is

A: To find : What will be income elasticity of demand.

Q: A perfectly elastic demand curve is a(n) Lütfen birini seçin: O A. downward sloping line O B.…

A: The demand curve shows how much quantity demanded of particular good changes when the price changes.…

Q: se the linear demand curve shown below to answer the following questions. a. The point…

A: The elasticity of demand measures the responsiveness of change in demand as per the changes in the…

Q: QUESTION 4 If people are less responsive to a price change then the O a. demand for that good is…

A: 4) b. The demand for the good is said to be inelastic.

Q: 2. Suppose the price.elasticity of demand for commödity M is less than one. When a tax is imposed on…

A: Correct option is C.

Q: What is the relationship between price elasticity and position on the demand curve? For example, as…

A: Elasticity is defined as the amount by which the quantity demanded changes as a result of change in…

Q: Jernment of your country wants to discourage the frequent use of alcoholic beverages, in this…

A: Equilibrium is achieved at the output level where Qs equals Qd.

Q: If the price of a product falls by 15% and the quantity supplied falls by 25%, the elasticity of…

A: Given: The change in price is 15% Change in quantity supplied is 25% To find: elasticity of supply.

Q: Price elasticity of demand for gasoline is estimated to be -0.3 in the short run and -1.2 in the…

A: Given Short-run price elasticity of demand for gasoline =-0.3 Long-run price elasticity of demand…

Q: Question 5 Suppose that the government imposes a tax on ganethes Use the diagram below demand curve…

A: The total surplus in a market is a measure of the overall happiness of all market participants. It…

Q: 2.Lopsides the demand fundion. Q=l000-4p?+ 6 p* + 5 which deserber how the de o 2. for a pood…

A: The quantity demanded refers to the amount of the goods and services demanded by the people and the…

Q: The minimum wage is set above the equilibrium wage rate. Does the minimum wage create inefficiency?

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: Select one: O a. O b. O C. Od. Suppliers bear most of the tax burden because demand is more elastic…

A: Tax incidence:Tax is a nеcеssary paymеnt that is madе to thе govеrnmеnt for thе consumption of…

Q: If the demand is more elastic, the burden of the tax falls on: Select one: a. Consumers b. Producers…

A: When demand is elastic increase in price leads to decrease in demand more that affects producer more…

Q: Cars P. Q Suppose that your city puts an excise tax on cars but collects the tax from car buyers…

A: Here the burden of tax falls to the car buyer an this affect demand.

Question

11000 - Principles of Economics | S1 20/21
Quiz navigation
For a given normal demand curve, the amount of a tax paid by the producer will be larger
2
3
Select one:
of
O a. the more elastic the supply
10
11
12
13
ag
O b. the higher is the price
19
20
O c. the more elastic the demand
Finish attempt
O d. if the tax is placed on the buyer
Time left 0:04:49
O e. if the tax is placed on the seller
page
Next page

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If buyers pay more of a tax than do the sellers اختر أحد الخيارات a. demand is more elastic than supply O .b. supply is more elastic than demand O C. None of the above answers is correct O .d. the equilibrium price paid by buyers rises by less than half the amount of the tax „e. the amount of tax revenue collected by the government is almost zero
Your state legislature is considering increasing the sales tax on two different commodities: prescription drugs and restaurant meals. You estimate owm-price elasticity of demand for prescription drugs Lo be -0.08 and uwn-price elasticity of dermard for reslaurant meals lo be -0.95. If the legislaturc's primary gnal in incrcasing taxcs is to raiscmoncy most efficiontly (i.c., minimizing the resulting deadweight loss), it should tax bullıdrugs and restaurant meals equally. drugs bccausc domand is morc pricc inclastic. reslaurant meals Lecause lhey are nol a rnecessily. only thosc prescription drugs that arc not lifc saving. restaurant meals because demand is more price elastic.
a. Assume that the elasticity of demand for Fanta is -0.5 while the elasticity of supply is 0.7. Assuming further that a tax of K10 is applied on each bottle of Fanta sold, how much of this will be borne by producers. b. Assume that the price of good X is K10 while that of good Y is K20. A consumer has allocated consumption between the two goods in such a way that the marginal utility of X is 15 utils and that of Y is 25 utils. Is this an optimal consumption bundle? If not, what should the consumer do to reach the optimum?
1. Optimal choice of capital Eleanor makes sweaters in her home. Starting with just some knitting needles and yarn, she was able to knit 60 sweaters per year. Now some local stores have expressed interest in her designs and offered to buy her sweaters for $10 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table. Assume that Eleanor's sweater business is a perfectly competitive firm. Complete the following table by calculating the marginal physical product (MPP) of each loom and the marginal revenue product (MRP) of each loom. Quantity of Input (Looms) Output (Sweaters per year) MPP of Each Loom (Sweaters) MRP of Each Loom (Dollars) 0 1 2 3 4 5 60 110 150 184 213 238 50 40 34 29 25 If the rental price of a loom is $270 per year, Eleanor should use 500 400 340 290 250 Suppose the demand for sweaters is very elastic, while the demand for cigarettes is very…
Suppose the federal govemment requires beer drink·ers 10 pay a $2 tax on each case of beer purchased. (Infact, both the federal and state governments imposebeer taxes of some sort.}a . Draw a supply-and-demand diagram of the mar·kct for beer without the tax. Show the price paidby consumers, the price n..~cived by producers*and the quantity of beer sold. What is the differ>encc between t~ price paid by consumers and theprice received by producers?b. Now draw a suppl)'•and--dem.and diagram fort~beer market with t~ tax. Show the price paid byconsumers, the price received by producers, andthe quantity olbec.r sold. What is the differencebetween the price paid by consumers and theprice received by producers? Has the quantity olbeer sold incrca.<;ed or decreased?
1. Suppose that the market demand for coffee is Pd = 15 - Qd and the market supply is Ps= Qs - 5. What is the equilibrium price and quantity for coffee? Suppose that the government imposes a tax of $1 per unit to reduce coffee consumption and raise government revenues. What will be the new equilibrium quantity? What price will the buyer pay? What price will the seller receive? A o F2 BE #3 ㅁㅁ F3 $ A t 4 OFFIC DEO DOD 000 F4 % 5 F5 MacBook Air 6 F6 & 7 L * 8
25. Perfectly inelasti demand means that consumers: are willing to buy any quantity of the good at a given price, but higher price b. decrease thcir consumption as price rises C. increase thcir consumption as price rises O will buy a ce:tain quantity, regardless of price
Q19
Pls solve this question correctly instantly in 5 min i will give u 3 like for sure
4 Q-2Economics deals with the question as to “how to acquire more and more wealth by a nation,” and “how to utilize this wealth for obtaining material gains of human life.” Explain in detail what are the various sources of income for Oman and how it spends the income for the development of the country. Q-3Provide a situation where “more than unit elastic demand” is shown. Illustrate your answer by presenting suitable consumer produc in a graph. I need answer for two 2 queation and seapachily for 3
Which of the following causes for an increase in the supply of a product? O a. An increase in the cost of production O b. An increase in the subsidy O c. All of the options o d. An increase in the rate of tax