) The graph below shows the market for bottled water in the United States. Quantity is measured in millions and price is per bottle. Use the graph to answer the questions below. P Bottled Water 5.00 S+Tax S

) The graph below shows the market for bottled water in the United States. Quantity is measured in millions and price is per bottle. Use the graph to answer the questions below. P Bottled Water 5.00 S+Tax S

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2) The graph below shows the market for bottled water in the United States. Quantity is measured in millions
and price is per bottle. Use the graph to answer the questions below.
P
Bottled Water
5.00
2.40
1.20
0.90
25
S+Tax
S
32.5 47.5
a) Based on the graph, how large is the per unit excise tax on bottled water? Explain.
b) Based on the grahp, how many fewer bottles of water will be consumed after the tax?
c) Using the graph, calculate the welfare affects of the tax. Show work.
Variable
CS
PS
R
DWL
Before Tax
After Tax

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Step 1: Define Consumer Surplus , Producer Surplus & DWL

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Step 2: Find the per unit tax

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Step 3: Find the number of bottles consumed after tax

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