Plz helpGraph plz 3 The data describes the market for luxury boats.Now the government puts 20 percent tax on luxury boats.With the tax imposed, the price of a luxury boat is%5OA. $0.40 millionOB. $2.40 millionOC. $220 millionOD. $2 millionOE. $2.20 million8With the 20 percent tax on luxury boats,A. the buyer pays all of the tax.OB. the seller pays all of the tax.OC. the buyer and the seller split the tax evenly.OD. it is impossible to say how the tax is split between the buyerand seller.tO E. the tax reduces the quantity of luxury boats sold to zero, sothere is no tax.O6yh887&Selected:noneO*8O70(9DOThe supply of luxury boats is perfectly elastic, the demand forluxury boats is unit elastic, and with no tax on luxury boats theprice is $2 million and 220 luxury boats a week are bought.3.20-2.80-2.40-2.001.6088+Price (millions of dollars per boat)220176Quantity (boats per week)sss Draw only the nhierts snerified in the questionDelete Clear0132р?D+$+tax264NextQUStDA UC. the buyer and the seller split the tax evenly.O D.it is impossible to say how the tax is split between the buyerand seller.O E. the tax reduces the quantity of luxury boats sold to zero, sothere is no tax.The government raises tax revenue of $74.8 million.>>> Answer to 1 decimal place.The graph shows the market for luxury boats before and after the 20percent tax is put on luxury boats.Draw a shape that represents the excess burden of the tax.The tax isbecause at the quantity producedO A. inefficient; marginal cost exceeds marginal benefitOB. efficient; marginal benefit exceeds marginal costOC. efficient; marginal cost exceeds marginal benefitOD. inefficient; marginal benefit exceeds marginal costOE. efficient; the seller receives the price the buyer paysSelected:noneThe supply of luxury boatluxury boats is unit elasticprice is $2 million and 2203.202.80-2.40-2.00-1.60+88Price (millions of d132Delete ClearQuantity (E>>> Draw only the obie

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The graph shows the market for luxury boats before and after the 20 percent tax is put on luxury boats. Draw a shape that represents the excess burden of the tax. The tax is because at the quantity produced O A. inefficient; marginal cost exceeds marginal benefit OB. efficient; marginal benefit exceeds marginal cost C. efficient; marginal cost exceeds marginal benefit OD. inefficient; marginal benefit exceeds marginal cost OE. efficient; the seller receives the price the buyer pays Selected: 2.80- 2.40 2.00- 1.60+ 88 >>>

The graph shows the market for luxury boats before and after the 20 percent tax is put on luxury boats. Draw a shape that represents the excess burden of the tax. The tax is because at the quantity produced O A. inefficient; marginal cost exceeds marginal benefit OB. efficient; marginal benefit exceeds marginal cost C. efficient; marginal cost exceeds marginal benefit OD. inefficient; marginal benefit exceeds marginal cost OE. efficient; the seller receives the price the buyer pays Selected: 2.80- 2.40 2.00- 1.60+ 88 >>>

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. As the owner of an ice-cream store, you believe it is necessary to purchase another ice-cream maker to meet the increased demand. You need to take a loan to finance it. The loan officer tells you that your revenues of $750,000 are insufficient to support additional debt. To qualify for the loan, your revenues need to be $50,000 higher. To generate additional revenue, you collect data on the price (in cents) per pound you charge customers and the related quantity of ice-cream consumed per year in pounds. The information is saved in HW3_2.xlsx. Use these data to estimate the log-linear demand specification to obtain least squares estimated of the demand for ice-cream. Write an equation that summarizes the demand for ice cream, and then determine the percentage price increase or decrease that is needed in order to boost revenues by $50,000.
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