Name: Price ($ U.S.) (Minus 2 points if blank) 80 A 68 B 64 D E 56 F 40 24 32 Supply Qs=4(price) - 160 QD = 160-2(price) Demand Quantity (units) 1. The graph above depicts a government imposed tax. How much tax is being charged per unit? (4 points) 2. Calculate the amount of revenue that will be generated by the tax? (4 points) 3. How much is the incidence of the tax that falls on the Consumer? (4 points) 4. How much is the incidence of the tax that falls on the Producer? (4 points) 5. Calculate the Dead Weight Loss that results from the tax. (4 points) /20 points
Name: Price ($ U.S.) (Minus 2 points if blank) 80 A 68 B 64 D E 56 F 40 24 32 Supply Qs=4(price) - 160 QD = 160-2(price) Demand Quantity (units) 1. The graph above depicts a government imposed tax. How much tax is being charged per unit? (4 points) 2. Calculate the amount of revenue that will be generated by the tax? (4 points) 3. How much is the incidence of the tax that falls on the Consumer? (4 points) 4. How much is the incidence of the tax that falls on the Producer? (4 points) 5. Calculate the Dead Weight Loss that results from the tax. (4 points) /20 points
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter4: Demand And Supply: Applications And Extensions
Section: Chapter Questions
Problem 5CQ
Related questions
Question
Transcribed Image Text:Name:
Price ($ U.S.)
(Minus 2 points if blank)
80
A
68
B
64
D
E
56
F
40
24
32
Supply
Qs=4(price) - 160
QD = 160-2(price)
Demand
Quantity (units)
1. The graph above depicts a government imposed tax. How much tax is being charged per unit? (4 points)
2. Calculate the amount of revenue that will be generated by the tax? (4 points)
3. How much is the incidence of the tax that falls on the Consumer? (4 points)
4. How much is the incidence of the tax that falls on the Producer? (4 points)
5. Calculate the Dead Weight Loss that results from the tax. (4 points)
/20 points
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