) Tax revenue can be found by multiplying tax per unit by the equilibrium quantity. b) Beachfront hotels feature inelastic supply and elastic demand. c) Tax incidence is the analysis of how costs are divided between consumers and producers.
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Which statement is correct? Select the best answer.
a) Tax revenue can be found by multiplying tax per unit by the
b) Beachfront hotels feature inelastic
c) Tax incidence is the analysis of how costs are divided between consumers and producers.
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- Suppose the elasticity of demand for a product is 0 and the elasticity of supply is 1. If the government imposes a tax on the product, then: a) buyers pay a smaller share of the tax than do sellers but both buyers and sellers pay some of the tax. b) seller pays all of the tax c) buyers and sellers pay exactly the same share of the tax. d) buyer pays all of the taxA fixed tax on a product implies that the consumer is the one who ends up bearing the full burden of the tax. True or falseIf a $6 per unit excise (sales) tax is imposed, who will suffer the greater burden of this tax, the suppliers or demanders? a) Demanders b) Suppliers c) Both share the burden equally d) Can't tell from the available information
- Do you think profit could be maintained if the tax burden were simply passed on to the consumers in the form of higher selling price? How will this affect sales? Explain.Nobel Prize-winning economist Gary Becker suggested that prohibited drugs should be legalized and then taxed. This would the seller's cost and government revenue. a) increase; decrease b) decrease; increase c) increase; increase d) decrease; decreaseRefer to the figure above. Had the demand for pumpkins been perfectly inelastic at point A, the amount the store owners would have received per pumpkin after the imposition and payment of this tax would have been Group of answer choices a) $3 b) $5.50 c) $7.25 d) $8.50 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.
- Suppose the market for cigarette is competitive. An economist estimates the price elasticity of demand and supply for cigarette are -0.8 and 0.7 respectively. Suppose the government imposes a per-unit tax on the cigarette sellers. Who, buyers or sellers, would share a heavier tax burden? Explain your answers without calculation.The equilibrium price of a good is $9. The demand for this good is more elastic than the supply. Suppose the government introduces a tax on the good. In this case, the price paid by consumers is $13, and the price received by producers is 3.25 times less. Calculate the tax cost per good for the group bearing most of the tax burdenThe demand for mineral water is P=10 – (2/3) Q and supply function for mineral water isP=1+(1/3)Q What is the burden of the tax on producers and consumers and explain how the tax burden isrelated to elasticities? thanks in advance!
- a)Show in four diagrams the incidence of an indirect (specific) tax in the case of elastic and inelastic demand and elastic and inelastic supply. b)Consider supply in the long run. Assume that a specific tax is imposed on a good that was previously untaxed. How will the incidence of this tax change as time passes?The short-run market demand and supply curves for good X are as follows: QD = 20 - 4P QS = 7 + 2.5P What is the after- or post-tax quantity? What is the total revenue after the imposition of the quantity or specific tax? How much of the tax do consumers pay (in percent)? How much of the tax do producers pay (in percent)?Suppose supply is P= 4 + (1/4)Qs and demand is P= 58 ―(1/2)Qd. Suppose at the market equilibrium, the price elasticity of supply is 5/9 and the price elasticity of demand is 10/9. Approximately what proportion of a small per unit tax will be paid by consumers?
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