Problem 2 The government raises taxes on cigarettes from $1 per to $2 per pack. Prior to the tax increase, 5 million packs were sold each year. The new equilibrium quantity is 4 million packs a. Calculate the total revenue before and after the tax increase. Before the increase, tax revenue was $ million. After the increase, tax revenue was $ million. Question 3 b. Revenue ( Select ] which tells us that the [ Select ] V dominated.

Problem 2 The government raises taxes on cigarettes from $1 per to $2 per pack. Prior to the tax increase, 5 million packs were sold each year. The new equilibrium quantity is 4 million packs a. Calculate the total revenue before and after the tax increase. Before the increase, tax revenue was $ million. After the increase, tax revenue was $ million. Question 3 b. Revenue ( Select ] which tells us that the [ Select ] V dominated.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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