Let demand and supply be given by, Qa = 100 - 1P, Qs = -50+6P. A tax of $10 is levied on the good. The deadweight loss of the tax is . [Round to one decimal.]
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![Let demand and supply be given by,
Qa
1001P,
Qs
=
-50 + 6P.
A tax of $10 is levied on the good.
The deadweight loss of the tax is
[Round to one decimal.]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d5e88e6-b1af-4aea-9b08-2dadd85f5e2c%2F4277e2ae-8204-449b-b7ec-3c3431818bd1%2F1l75siv_processed.jpeg&w=3840&q=75)
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- The demand and supply equations for a product are: Q"= 300 – 6P and Q' = -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. • Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus and dead weight loss.The demand and supply equations for a product are: Qd = 300 - 6P and Qs = -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumer pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus and dead weight loss.The demand and supply equations for a product are: Qd= 300 — 6P and Qs= -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus, and deadweight loss
- Let demand and supply be given by, Qd = 270 1P, Qs = -80 +9P. - If a tax is levied on consumers, price for the good. about half most none very little of the tax will be passed on to buyers in the form of a higherDemand for apples is given by the function P=50-4q while supply is given by P=10+q. If a per-unit tax of $15 is placed on apples, What is new price after tax?Suppose demand and supply are given by:Qx d = 14 − 2Px and Qx s = 14Px-2b. Suppose a $12 excise tax is imposed on the good. Determine the new inverse demand function.
- Daily demand for gasoline at a Gas Station is described by Q = 980 - 300p, where Q are gallons of gasoline sold and p is the price in dollars. Gas Station's supply is Q = -2,980 + 3,000p. Suppose the state government places a tax of 18 cents on every gallon of gasoline sold. (a) What are the before-tax and after-tax equilibrium quantities of gasoline Q? (b) What are the changes in consumer's and producer's surplus due to tax? (c) What is the deadweight loss resulting from this tax?The following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has Just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. Demand Supply 16, 18 21.00 18.00 15.00 QUANTITY (Pinckneys) Complete the following table, given the information presented on the graph. Result Value Per-unit tax $6.00 Equilbrium quantity before tax Price producers recelve before tax $18.00 In the following table, indicate which areas on the previous graph correspond to each concept. Check all that apply. Concept D. Deadweight loss after the tax is imposed Consumer surplus after the tax is imposed Producer surplus before the tax Is imposed PRICE (Dotars per pinckney) 口□□Consider a country which taxes two goods, diamonds and bread. Each good has a supply elasticity of 1. The demand elasticity for diamonds is ηdd = −4; the demand elasticity for bread is ηbd = −0.25. In the market equilibrium, bread costs pb = $1 and a quantity of 100 is sold; diamonds cost $1000 and 10 are sold. Suppose a tax of τb = $0.50 is imposed on bread, and a tax of τd = $200 is imposed on diamonds. (a) What portion of the tax on bread is borne by consumers? What portion of the tax on diamonds is borne by consumers? (b) What is the deadweight loss from the tax on bread? What is the deadweight loss from the tax on diamonds? (c) Are these taxes optimal according to the Ramsey rule? If not, which tax should be increased and which should be decreased? (d) Are there any equity considerations which would argue against your answer for part (c)
- The demand for gasoline is P= 4 – 0.002Q and the supply is P= 0.4 + 0.004Q, where Pis in dollars and Qis in gallons. Instructions: Round your answer to the nearest penny (2 decimal places). If a tax of $0.8/gallon is placed on petrol, what is the incidence of the tax? Tax incidence to the consumer: $ Tax incidence to the supplier: $ Instructions: Round your answers to the nearest whole number. What is the lost consumer surplus? $1 What is the lost producer surplus? 24Given the following information QD = 240-5P QS= P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price. Suppose the government decides to impose a tax of $12 per unit on sellers in this market. Determine the quantity after tax.Suppose the market for cigarette is competitive. An economist estimates the price elasticity of demand and supply for cigarette are -0.8 and 0.7 respectively. Suppose the government imposes a per-unit tax of $45 on the cigarette sellers. By how much would buyers share the tax burden respectively? Show your calculation.
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