answer the following questions based on the graph for microeconomics. 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(Dollars per pair)Price Sellers Receive(Dollars per pair)Before TaxAfter Tax250Using 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 table.Tax Burden(Dollars per pair)ElasticityBuyersSellersThe tax burden falls more heavily on the side of the market that iselastic. The following graph shows the weekly market for sweatpants in some hypothetical economy. Suppose the government levies a tax of $11.60 per pair.The tax places a wedge between the price buyers pay and the price sellers receive.PRICE (Dollars per pair)50454035201510105Tax WedgeSupplyDemand050100150 200 250 300 350 400 450 500QUANTITY (Pairs of sweatpants)?

Part 2: Tax Burden and ElasticityUsing the midpoint method, we can calculate the tax burden and…

Answered: Complete the following table by filling…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Annie tells her granddaughter, Mary, that in 1934 you could buy a house for $ 17,000 and a jacket for $ 6 . Mary says that in 2018 such a house costs $ 275,000 and such a jacket costs $ 60 . The CPI in 1934 was 15.2 , and in 2018 , it was 245.4 . Which house has the lower real price? Which jacket has the lower real price? The house with the lower price is the _______, and the jacket with the lower price is the _______. A. $275,000 house in 2018; $6 jacket in 1934 B. $17,000 house in 1934; $60 jacket in 2018 C. $275,000 house in 2018; $60 jacket in 2018 D. $17,000 house in 1934; $6 jacket in 1934
Suppose a customer prefers to work with the criterion “How many items can be purchased for $1?” Explain why that might be a meaningful comparison for the customer to use, and explain how the comparison would then be able to compare two different items having different selling prices.
June is looking into buying her first home. She is shown a number of houses on the market, but the market appears to be sluggish because there are so few buyers. Interest rates are steady and June has several good prospect homes to choose from at reasonable prices. June is in a... O Seller's market O Lender's market O Builder's market O Buyer's market
Determine the dual price of the x1 and x2. Use the formula I have attached together with the LP Model.
The Price competition is muted in the soft drink industry dominated by Pepsi and Coke. Which of the following is not a possible reason? Their products are heterogeneous They have a very strong brand loyalty They have great economies of scale There is a strong network effect correct
Which of the following is an internal factor that affects pricing decisions in a company? * ) The forces of demand and supply in the market Consumers' perception of value The degree of inflation in the economy The overall marketing strategy of the company
Which cereal is the better buy: Brand A, on sale at $10 for five 12.8-ounce boxes or Brand B, which costs $10 for four 16.9-ounce boxes?
No chatgpt answer suppose that a $12 per unit tax is placed on buyers. The share of the tax borne by sellers will be?
A firm wants to stop its sales agents from pricing too aggressively to make sales by requiring the agent to obtain a marketing manager’s permission to reduce price below a specific threshold. This solution would only work if a) The marketing manager has no information about the matter at hand b) The marketing manager can only get all the information on the case from the sales agent c) Enough unbiased information is transferred to the manager to prevent an unprofitable price reduction d) All of the above Please clearly explain your answer
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Look at some real estate want ads in your newspaper. Enter the price of a two-bedroom home and a three-bedroom home. If you find some abbreviations you do not understand, ask your teacher.
A consumer purchases a computer for €800 from a retailer. If the retailer’s mark-up is 30 per cent and the wholesaler’s mark-up is 10 per cent, both based on their respective selling prices, at what price does the manufacturer sell the product to the wholesaler?

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