Price (dollars per ball) 25 20 15 10 5 0 S 8 12 16 Quantity (millions of balls per week) a. $16 and 8 million balls b. $21 and 12 million balls D 64. If sellers of basket balls are taxed $6 a ball, the seller receives a price of $ balls c. $6 and 8 million balls d. $10 and 8 million balls e. None of the above 65. The government receives a revenue of $48 million a. True b. False 66. The economic burden of the tax is $ a. $3 on the seller and $3 on the buyer b. $5 on the seller and $1 on the buyer c. $1 on the seller and $5 on the buyer d. $4 on the seller and $2 on the buyer e. None of the above on the seller and $ and sells on the buyer

Price (dollars per ball) 25 20 15 10 5 0 S 8 12 16 Quantity (millions of balls per week) a. $16 and 8 million balls b. $21 and 12 million balls D 64. If sellers of basket balls are taxed $6 a ball, the seller receives a price of $ balls c. $6 and 8 million balls d. $10 and 8 million balls e. None of the above 65. The government receives a revenue of $48 million a. True b. False 66. The economic burden of the tax is $ a. $3 on the seller and $3 on the buyer b. $5 on the seller and $1 on the buyer c. $1 on the seller and $5 on the buyer d. $4 on the seller and $2 on the buyer e. None of the above on the seller and $ and sells on the buyer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Price (dollars per ball)
25
20
15
10
5
0
4
8
12
16
Quantity (millions of balls per week)
64. If sellers of basket balls are taxed $6 a ball, the seller receives a price of $
balls
a. $16 and 8 million balls
b. $21 and 12 million balls
c. $6 and 8 million balls
d. $10 and 8 million balls
e. None of the above
65. The government receives a revenue of $48 million
a. True
b. False
66. The economic burden of the tax is $
a. $3 on the seller and $3 on the buyer
b. $5 on the seller and $1 on the buyer
c. $1 on the seller and $5 on the buyer
d. $4 on the seller and $2 on the buyer
e. None of the above
on the seller and $
and sells
on the buyer

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Step 1: Define equilibrium.

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Step 2: Explain the after tax equilibrium

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Step 3: Determine government revenue.

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Step 4: Calculate the economic burden of tax.

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