Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The following graph shows the weekly market for sweatpants in some hypothetical economy. Suppose the government leviesa tax of $23.20 per parThe tax places a wedge between the price buyers pay and the price sellers receivePROS (Da pr20SupplyTax WedgeQUANTITY(ProfDemand(2)Complete the following table by filling in the quantity sold, the price buyers pay, and the price sellers receive before and after the tax.Quantity(Pairs of sweatpants)Price Buyers Pay Price Sellers Receive(Dollars per pair)(Dollars per pair)Before TaxAfter TaxLing your answers from the previous table, calculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticityof demand and supply over the relevant ranges using the midpoint method. Enter your results in the following tableTax Burden(Dollars per pair) ElasticityBuyersThe tax burden falls more heavily on the side of the market thatclastic

Tax incidence refers to the effect of a newly imposed tax on people and businesses. When a tax is…

" QUANTITY P Complete the flowing table by ing in the quantity, the price buyer pay, and the price receive before and after the tex Quantity (Pair of sweatpants) (Dollar per pair) (p) using your newere from the previoutable, cute the burden that fall on buyer and on sale, respectively, and calate the price altcity Tax Burden

" QUANTITY P Complete the flowing table by ing in the quantity, the price buyer pay, and the price receive before and after the tex Quantity (Pair of sweatpants) (Dollar per pair) (p) using your newere from the previoutable, cute the burden that fall on buyer and on sale, respectively, and calate the price altcity Tax Burden

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The market demand for the newest smartphone is 1 million units. The selling price for the LG phone is $400.00. The cost is $100 per unit. LG currently has market share of 10 percent. The marketing and sales expense is $5 million. Assume market demand grows by 20%. Given the 20% increase in market demand, LG maintains its market share of 10%, selling price of $400, unit cost of $100, and marketing and sales expense of $5 million. What is the new net marketing contribution (NMC)? O a. $36 million Ob. $31 million O. S7 million O d. $12 million
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