Help plz New York has the highest cigarette taxes in the country. The price of an average pack of cigarettes in New York City is $10.60. The combined stateand city taxes are $5.95 a pack. The average income of smokers is less than that of non-smokers.Draw a graph to show the effects of the $5.95 tax on the buyer's price, the seller's price, the quantity of cigarettes bought, and the tax revenue.Does the buyer or seller pay more of the tax? Why?5The graph shows the market for cigarettes with no tax.Draw a point to show the market equilibrium quantity and price. Label it1.%Draw a line that shows how a $6 per pack tax changes the supply ofcigarettes. Label it S + tax.Draw a point at the new equilibrium quantity to show the price paid bybuyers. Label it 2.Draw a point at the new equilibrium quantity to show the price receivedby the seller. Label it 3.Draw a shape that represents the tax revenue received by thegovernment:tOThepays more of the tax because___________.OA. seller, the elasticity of demand is greater than the elasticity ofsupplyOB. buyer; the elasticity of supply is greater than the elasticity ofO6MOllySelected:none&7*8*OA(9124+22-20-18-16-14-12-10-8-6-4-2-0-O0)0Quantity (millions of packs)Delete Clearр?11SNextxSUSback New York has the highest cigarette taxes in the country. The price of arī average pack of cigarettes in New York City is $10.60. The combined stateThe graph shows the market for cigarettes with no tax.Draw a point to show the market equilibrium quantity and price. Label it1.Draw a line that shows how a $6 per pack tax changes the supply ofcigarettes. Label it S + tax.Draw a point at the new equilibrium quantity to show the price paid bybuyers. Label it 2.Draw a point at the new equilibrium quantity to show the price receivedby the seller. Label it 3.Draw a shape that represents the tax revenue received by thegovernment.Thepays more of the tax becauseOA. seller; the elasticity of demand is greater than the elasticity ofsupplyOB. buyer; the elasticity of supply is greater than the elasticity ofdemandOC. buyer; sellers can always pass on the tax to buyersOD. seller, competition among sellers forces sellers to absorb the25%t6OllyhSelected:none&7Oj*8*1Ok1(9HO2624-22-20-18-16-14-12-10-8-6-4-2-0014)NQuantity (millions of packs)>>> Draw only the objects specified in the question.O.Delete Clear ?рD| 1+ 1111S$NextGx5 USتامback

A tax shift the supply curve leftward the difference between the price buyer pays and the price that…

The graph shows the market for cigarettes with no tax. Draw a point to show the market equilibrium quantity and price. Label it 1. Draw a line that shows how a $6 per pack tax changes the supply of cigarettes. Label it S + tax. Draw a point at the new equilibrium quantity to show the price paid by buyers. Label it 2. Draw a point at the new equilibrium quantity to show the price received by the seller. Label it 3. Draw a shape that represents the tax revenue received by the government: The pays more of the tax because OA. seller; the elasticity of demand is greater than the elasticity of supply B. buyer, the elasticity of supply is greater than the elasticity of

The graph shows the market for cigarettes with no tax. Draw a point to show the market equilibrium quantity and price. Label it 1. Draw a line that shows how a $6 per pack tax changes the supply of cigarettes. Label it S + tax. Draw a point at the new equilibrium quantity to show the price paid by buyers. Label it 2. Draw a point at the new equilibrium quantity to show the price received by the seller. Label it 3. Draw a shape that represents the tax revenue received by the government: The pays more of the tax because OA. seller; the elasticity of demand is greater than the elasticity of supply B. buyer, the elasticity of supply is greater than the elasticity of

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Only typed answer and don't use chat gpt Suppose there is a market that is in equilibrium until there is a sudden decrease in supply. What happens to equilibrium price and equilibrium quantity? The equilibrium price decreases but the equilibrium quantity increases. The equilibrium price increases but the equilibrium quantity decreases. The equilibrium price and equilibrium quantity increases. Both the equilibrium price and equilibrium quantity decreases.
Please no written by hand Budget Selections to Build Demand As a commuter you have a budget of $250 to spend on gasoline each month. You drive a car that gets 20 miles per gallon (MPG). You can purchase 100 gallons of gasoline per month at the current price of $2.50 per gallon. Demand Schedule Price Quantity Commuting Errands Mp Social Activities Vacations $2.50 97.5 Drive Alone (700 miles) Small Trips as Needed (550 miles) Trips to City (350 miles) Out-of-State (350 miles) $3.00 Current price: $3.00/gallon Car Pool (425 miles) 2x per week (300 miles) Trips to Local Park (120 miles) In-State (200 miles) Add to schedule Previous $3.50 Public Transportation (60 miles) Next 1 Trip per Week (150 miles) Stay in Neighborhood (40 miles) > Stay-cation (50 miles) $4.00 QUANTITY 35 27.5 17.5 17.5 97.5 gallons Keynote $4.50 COST $105.00 $82.50 $52.50 $52.50 $292.50 of $250
an Layout References Mailings Review View Help CA ..A following questions. Quantity Demanded (bushels) 40,000 Price per bushel (in $) Quantity Supplied (bushels) 2 4 36,000 4,000 6. 30,000 24,000 8,000 16,000 10 20,000 20,000 28,000 36,000 40,000 12 18,000 14 12,000 16 6,000 a) What are the equilibrium price and quantity of wheat? Answer: the equilibrium price is $10, and quantity of wheat is $2000 bushels. b) Suppose the prevailing price is US$12 per bushel. Is there a shortage or a surplus in the market? Answer: c) What is the quantity of the shortage or surplus? Answer: d) How many bushels will be sold if the market price is US$4 per bushel? Answer: ited States) B Focus REDMI NOTE 9 AI QUAD CAMERA 144
Part I The headline about Russian wheat suggests the market is broken. Illustrate the supply and demand for Russian wheat indicating the price in relation to equilibrium. Explain why the market is "broken," and what needs to occur to fix the market. Russian wheat trade falls silent as price floor leaves market 'broken' HIGHLIGHTS Russian wheat not offered below $275/mt since late March Government believed to have intervened to support prices, farmers Traders assess pricing power of Russian state in global market Part II Derive the demand and supply functions using the numbers in the table and calculate equilibrium price and quantity. Graph supply and demand and indicate equilibrium price and quantity. The government wants to help sugar consumers by setting the price at $2.50. Explain the outcome (in terms of Q and D) and your advice in this situation. Illustrate the effect on the same graph and be sure to indicate price and quantities. Price/bag Quantity demanded (bags of sugar)…
Graph Input Tool (? S+ Tax Market for Jeans 100 90 I Quantity (Pairs of jeans) 10 Supply 80 Demand Price (Dollars per pair) Supply Price (Dollars per pair) 66.00 0.00 70 60 50 Supply Shifter 40 Demand Tax on Sellers (Dollars per pair) 20.30 30 20 10 + ㅜ 10 20 30 40 50 60 70 80 90 100 QUANTITY (Pairs of jeans) PRICE (Dollars per pair)
Sample Price Control Quiz MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Table 4-3 Hourly Wage (dollars) $13.00 13,50 14.00 14.50 15.00 15.50 B) 370,000 Quantity of Labor Supplied 350,000 Name 360,000 370,000 380,000 390,000 400,000 . Quantity of Labor Demanded 390,000 380,000 370,000 360,000 Table 4-3 shows the demand and supply schedules for the low-skilled labor market in the city of Westover. 1) Refer to Table 4-3. If a minimum wage of $15.00 an hour is mandated, what is the quantity of labor demanded? A) 380,000 D) 10,000 350,000 340,000 C360,000 2) Refer to table 4-3. If the maximum wage is $13.50, the market is experiencing a and this is an example of a price A) Surplus, floor B) Surplus, ceiling Shortage, ceiling D) Shortage, floor 3) Refer to Table 4-3. If a minimum wage of $14.50 is mandated by the government there will be a A) shortage of 10,000 units of labor. C) surplus of 20,000 units of labor. B) shortage of 20,000…
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