Suppose the demand for apple is inelastic and the supply of apple is elastic, and the demand for banana is elastic and the supply of banana is inelastic. If a tax were levied on the sellers of both apple and banana, then: (choose 2 answers) a. Burden of both taxes would fall more heavily on the sellers than on the buyers. O b. Tax burden for apple would fall more heavily on the sellers than on the buyers, and the burden for banana would fall more heavily on the buyers than on the sellers. O c. Tax burden for apple would fall more heavily on the buyers than on the sellers, and the burden for banana would fall more heavily on the sellers than on the buyers. Od. As a result of the tax, the equilibrium price would rise relatively more for apple than for banana.

Suppose the demand for apple is inelastic and the supply of apple is elastic, and the demand for banana is elastic and the supply of banana is inelastic. If a tax were levied on the sellers of both apple and banana, then: (choose 2 answers) a. Burden of both taxes would fall more heavily on the sellers than on the buyers. O b. Tax burden for apple would fall more heavily on the sellers than on the buyers, and the burden for banana would fall more heavily on the buyers than on the sellers. O c. Tax burden for apple would fall more heavily on the buyers than on the sellers, and the burden for banana would fall more heavily on the sellers than on the buyers. Od. As a result of the tax, the equilibrium price would rise relatively more for apple than for banana.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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