Not graded homework question Homework (Ch 08)Now calculate the government's tax revenue if it sets a tax of $0, $20, $40, $50, $60, $80, or $100 per bottle. (Hint: To find the equilibrium quantityafter the tax, adjust the "Quantity" field until the Tax equals the value of the per-unit tax.) Using the data you generate, plot a Laffer curve by usingthe green points (triangle symbol) to plot total tax revenue at each of those tax levels.Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.24002160Laffer Curve1920168014401200960720480240405060708090100102030TAX (Dollars per bottle)TAX REVENUE (Dollars) Homework (Ch 08)Graph Input Tool100Market for Rum90I Quantity(Bottles)Supply4880Demand Price(Dollars per bottle)Supply Price(Dollars per bottle)7060.0040.00Тax(Dollars per bottle)6020.00504030Demand201012 24 36 48 60 72 84 96 108 120QUANTITY (Bottles)Suppose the government imposes a $20-per-bottle tax on suppliers.bottles, and the government collects $in tax revenue.At this tax amount, the equilibrium quantity of rum isNow calculate the government's tax revenue if it sets a tax of $0, $20, $40, $50, $60, $80, or $100 per bottle. (Hint: To find the equilibrium quantiafter the tax, adjust the "Quantity" field until the Tax equals the value of the per-unit tax.) Using the data you generate, plot a Laffer curve by usingthe green points (triangle symbol) to plot total tax revenue at each of those tax levels.Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.PRICE (Dollars per bottle)

The Laffer Curve is a mathematical model that explains the relationship between tax rates and…

Graph Input Tool 100 Market for Rum 90 I Quantity (Bottles) Supply 48 80 Demand Price (Dollars per bottle) Supply Price (Dollars per bottle) 70 60.00 40.00 Tax (Dollars per bottle) 60 20.00 50 40 30 Demand 20 10 12 24 36 48 60 72 84 96 108 120 QUANTITY (Bottles) Suppose the government imposes a $20-per-bottle tax on suppliers. in tax revenue. bottles, and the government collects $ At this tax amount, the equilibrium quantity of rum is Now calculate the government's tax revenue if it sets a tax of $0, $20, $40, $50, $60, $80, or $100 per bottle. (Hint: To find the equilibrium quan after the tax, adjust the "Quantity" field until the Tax equals the value of the per-unit tax.) Using the data you generate, plot a Laffer curve by usin the green points (triangle symbol) to plot total tax revenue at each of those tax levels. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. PRICE (Dollars per bottle)

Graph Input Tool 100 Market for Rum 90 I Quantity (Bottles) Supply 48 80 Demand Price (Dollars per bottle) Supply Price (Dollars per bottle) 70 60.00 40.00 Tax (Dollars per bottle) 60 20.00 50 40 30 Demand 20 10 12 24 36 48 60 72 84 96 108 120 QUANTITY (Bottles) Suppose the government imposes a $20-per-bottle tax on suppliers. in tax revenue. bottles, and the government collects $ At this tax amount, the equilibrium quantity of rum is Now calculate the government's tax revenue if it sets a tax of $0, $20, $40, $50, $60, $80, or $100 per bottle. (Hint: To find the equilibrium quan after the tax, adjust the "Quantity" field until the Tax equals the value of the per-unit tax.) Using the data you generate, plot a Laffer curve by usin the green points (triangle symbol) to plot total tax revenue at each of those tax levels. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. PRICE (Dollars per bottle)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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