PRICE (Dollars per bottle) 100 80 20 0 0 I 1 T I 40 20 80 QUANTITY (Thousands of bottles) 60 100 Graph Input Tool Market for gin Quantity (Thousands of bottles) Demand Price (Dollars per bottle) 25 75 The following graph shows the Laffer curve for several tax rates (20, 40, 50, 60, 80). Supply Price (Dollars per bottle) Tax (Dollars per bottle) To see the impact of the tax, enter the value of the tax in the Tax field. By entering the after-tax equilibrium quantity in the corresponding box, you will move the green line to the after-tax equilibrium. By entering 0 in the Tax field, you will see a tax wedge between the price buyers pay and the price sellers receive. When the government imposes a $20-per-bottle tax on suppliers, the equilibrium quantity of gin is 20,000 bottles in tax revenue. 25 and the government collects

PRICE (Dollars per bottle) 100 80 20 0 0 I 1 T I 40 20 80 QUANTITY (Thousands of bottles) 60 100 Graph Input Tool Market for gin Quantity (Thousands of bottles) Demand Price (Dollars per bottle) 25 75 The following graph shows the Laffer curve for several tax rates (20, 40, 50, 60, 80). Supply Price (Dollars per bottle) Tax (Dollars per bottle) To see the impact of the tax, enter the value of the tax in the Tax field. By entering the after-tax equilibrium quantity in the corresponding box, you will move the green line to the after-tax equilibrium. By entering 0 in the Tax field, you will see a tax wedge between the price buyers pay and the price sellers receive. When the government imposes a $20-per-bottle tax on suppliers, the equilibrium quantity of gin is 20,000 bottles in tax revenue. 25 and the government collects

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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