Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 25 billion bottles of wine were sold every year at a price of $5 per bottle. After the tax, 18 billion bottles of wine are sold every year; consumers pay $6 per bottle, and producers receive $3 per bottle (after paying the tax). The amount of the tax on a bottle of wine is $ per bottle. Of this amount, the burden that falls on consumers is $ per bottle, and the burden that falls on producers is $ per bottle.
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- (hold everything else constant, taxation, income, etc) Government subsidizes corn farming by offering low interest loans and grants to farmers. Which graph correctly shows the change - if any -to Supply and Demand? O PIV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?1. In the field of economics, supply and demand are the two basic and important terms to be fully understood. In terms of economics, the forces of supply and demand determine our everyday lives as they set the prices of the goods and services we buy daily. Although, law of supply and demand are introduced separately, it's the combination of the two concepts that determine how much of a good and services is to be produced and consumed in an economy and at what price. These issue can be solve through the concept of equilibrium price and quantity in a market. Suppose the quantity demanded of Good Z (Qz DEMAND) depends upon its price (Pz), monthly income (Y), and the price of a related Good W (Pw). The demand for Good Z (Qz) is expressed by the equation= Qz DEMAND = 150 – 8Pz + 2Y - 15PW. The monthly income (Y) is equal to 60 pesos and the price related to Good W (Pw) is equal to 12 pesos. On the other hand, the supply for Good Z (Qz supPLY) is expressed as Qz sU PPLY = -20 + 2Pz. In…
- Why are prices of agricultural commodities volatile? Discuss, drawing on economic theory and using examples. taking the wheat market as an example. What happens to the income of all wheat growers if the wheat supplied increases, with no other changes? What happens to the income of all wheat growers if the wheat supplied decreases, with no other changes?1. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce? a. the price of the good b. the income level of the people who buy the good c. the number of firms producing the good d. the cost of a key input used to produce the goodTyped plzzzz And Asap Thanks
- 3. What happens to the good-market equilibrium output if the following event oc- curs in the economy? Briefly explain how it affects the relevant component(s) of planned spending. (a) The interest rate for treasury bills rises while people's expectation of infla- tion rate is constant. (b) The government decided to cut taxes. (c) The information-asymmetry problem worsened. (d) Investors become more optimistic about the future so that their autonomous investment increases.A recent typhoon hits the Philippines where most of the raw materials are produced. What non-price determinant/s will affect the supply and in what way? How will it affect the country’s economy?5. Say’s Law _____________ because ___________. The Law of demand is _____ true because: Always holds true; As prices increase, new suppliers enter a market leading to an increase in supply and lower prices over time; almost always true; sometimes no matter what the price we will buy anyway. Always holds true; Entrepreneurs are the key to income creation and therefore the ultimate demand for all goods and services; always true; as prices change our willingness and/or ability to buy changes. Is often true; of the law of supply, which shows that as prices increase, quantity supplied will rise; is always true; demand curves can never be vertical. Is rarely true; it is consumer wants and needs the emerge in a market first, then suppliers enter to capitalize on what we want or need; valid; there is a proven inverse relationship between prices and quantity demanded. Is often, but not always true; Through the coordinated activities of government agencies, adequate supplies of food,…
- 12. The following table shows the aggregate supply and demand data for a country. Aggregate Supply Price Aggregate Level Demand 200 10,000 4,000 300 9,000 6,000 400 8,000 8,000 500 7,000 9,000 600 6,000 9,500 700 5,000 9,800 800 4,000 9,900 What is the equilibrium price level? (A) 200.B) 400 (C) 500 (D) 800Please ans all three and make sure if hand writing then it will be clear please.19. If the price of bags is higher, consumers will purchase less quantity of bags and if the price is lower, consumers will purchase more quantity is referred as_________________.