Answered: The vertical distance between points A…

The vertical distance between points A and C represent the amount of the tax. The amount of tax revenue received by the government is $4000 $6000 $10000 $24000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The diagram below shows supply and demand before (S and D) and after (ST) the government imposes an…

A: An excise tax refers to creation of a wedge between the price the consumers pay (Pc) and the price…

Q: For tax year 2018 a married couple filing jointly has a taxable income of $120,000. How much do they…

A: Tax refers to a financial charge imposed by a government or other authorized entity on individuals…

Q: Use the information in the table below to answer the questions that follow. Tax rates for…

A: Tax refers to the compulsory charges levied by the government on its citizen and the citizen. The…

Q: The vertical distance between points A and B represents a tax in the market. Supply 18 24 16 14 12…

A: Revenue is the income which is generated by any kind of financial institution or any kind of…

Q: •The demand function for a product is represented by the equation Qd = 20 - 2P and its supply…

A: We are given : Demand: Qd = 20 - 2Pd Supply: Qs = Ps- 4 Remark : Pd : Price which the consumer…

Q: Giving reasons classify the following into direct and indirect tax (1) Wealth tax (2) Value…

A: # Taxes can be broadly classified into two segments which are direct tax and indirect tax. as the…

Q: Based on the following data: Taxable income ($) Total tax ($) 1500 5 2500 110 3000 200 4500 400 5000…

A: Taxes are compulsory payment which are made by individuals or institutions to the government without…

Q: Calculate the effects on markets and stakeholders of indirect taxes

A: The economics as a study is based upon the basis of the scarcity of resources in the economy. The…

Q: Figure 2-1 20 rice 18 16 14 12 10 D 10 20 30 40 50 60 70 80 quantity

A: With the tax rate of $6.

Q: Because of the sales tax in a particular region, a customer in a supermarket must pay $1.46 for a…

A: Answer: Effective tax rate is the average tax rate that is paid by a corporation or an individual.

Q: Income before tax (dollars) 0 20,000 40,000 60,000 80,000 Tax plan A (dollars) 0 2,000 5,000 10,000…

A: In a progressive tax structure is a tax structure in which the tax burden increases as taxable…

Q: how much total tax revenue is ultimately paid by firms

A: Answer to the question is as follows:

Q: Its is known that the demand function for a product is P = 24 - 1/2Q and the supply function Q = 4 +…

A: Demand: P = 24 - 1/2Q Q = 4 + 2P P= Q/2-2 Equilibrium: Q=22 units, P= IDR13 The government provides…

Q: If sellers bear more of the burden of taxation then O supply is more elastic than demand O…

A: Tax incidence refers to the distribution of tax burden between buyers and sellers. The burden of the…

Q: Calculate net indirect taxes if indirect taxes is $30 million and the subsidies are $16 million

A: The given information is as follows:- Indirect taxes = $30 million Subsidies = $16 million We have…

Q: refer to the graph shown. given the same supply elasticity, the burden of a 10 percent tax would be…

A: The degree to which the amount supplied is responsive to a change in the price of a specific…

Q: ATA C Price e. C. PB Po Ps L ABI C 1 0 Size of tax per unit Ō w₂₁ LL Qo Supply If a tax is placed on…

A: The diagram shows a market for a product with supply and demand curves, and a tax is being forced.…

Q: Percent of Income Paid in Total amount Income Tax of Tax Paid Family $10,000 20% $2,000 A Family…

A: Here, there are three families having different income levels and paying the same tax rate. A income…

Q: $4,00060, 00024,000.0060,000$6,000Complete the following table by deriving the marginal tax rates in…

A: Information on the income tax systems in two hypothetical countries:Country ACountry BTaxable income…

Q: The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a…

A: Note: We are not allowed to answer more than three subparts at one moment as per the Bartleby…

Q: 5 4 3.5 3 2 Use the graph to answer the question that follows. Price ($) I I I 360 540 What is the…

A: The area from 3 to 3.5 ,360 represents the producer tax burden the value is given by finding the…

Q: The U.S. income tax is an example of a tax. Select one: a. constant b. progressive C. proportional…

A: A progressive tax system is such in which taxes increase in greater proportions as income increases.…

Q: Calculate the average and marginal tax rates in the following table. (Hint: Enter your answers as…

A: Marginal tax rates are the percentage of tax paid on an extra dollar of income, reflecting the…

Q: The economic burden of an excise tax a. can usually be partially shifted from buyers onto…

A: Excise tax is the type of tax is imposed on the products during their manufacturing process and paid…

Q: At the state and local levels in the United States, the largest source of tax revenue is Group of…

A: At the state and local levels in the United States, the government collects tax revenues from the…

Q: Price 0 A с B F E 2) A + B. Quantity Refer to the above diagram in which S is the before-tax supply…

A: The demand curve is the downward sloping curve. Supply curve is the upward sloping curve.…

Q: Find the marked price and sales tax. Total price Sales tax rate Marked price Sales tax $396.77…

A: The market price is the price at which a good or service is currently being bought or sold. The…

Q: How do you give an example of the sale price of an item and the total cost including sales tax if…

A: In a tax system, the tax rate is the ratio at which a business or person is taxed. There are several…

Q: Refer to Figure #2. When tax per unit is imposed, what is total tax revenue collected by the…

A: Per unit tax is the fixed tax imposed by the government on each unit of goods and services sold.

Q: A Government Organization purchase furniture from ABC Organization of worth 10,0000,in this case who…

A: Taxes will be imposed on the sale and purchase of any goods and services in the economy,…

Q: Question 10 The producer’s share of a tax will be larger: A) the greater the elasticity of…

A: Individuals must pay taxes to the government since they are a legal requirement. Taxes and…

Q: Where does the federal government obtain almost all of their revenue? foreign governments…

A: Government revenue is the income available to fund the activities of a government. Government can…

Q: Given a demand curve of P = 118 - 5Qd and supply of P = 42 +9Qs, find the total tax revenue raised…

A: Demand :Demand is when a consumer has the desire to buy something at the price that he is ready to…

Q: Instructions: Type in the amount of a tax, and click Supply or Demand to choose whether the tax is…

A: The supply curve shows the quantity of a good or service that producers are willing and able to sell…

Q: 90 Excise Tax (0- $20) 0.00 80 $81.00 70 Demand Relatively Elastic 60 Perfectly Inelastic 50…

A: Given Diagram

Q: Refer to Figure 8-2. The amount of tax revenue received by the government is a) $10. b) $1.

A: Tax is a mandatory payment to the government. The tax amount is spent on the economy through public…

Q: Describe the various types of taxes that the body is entrusted to collect. Please give…

A: Indirect taxation involves imposing taxes that can be passed on to another entity or individual.…

Q: Figure 1 Price S+ tax 6.00 5.00 4.00 3.00 2.00 1.00 50 60 Quantity Refer to Figure 1. What is the…

A: The imposition of tax on suppliers would reduce the aggregate supply and the price of goods will…

Q: answer with explanation and conclusion The burden of a sales tax will fall primarily on businesses…

A: Sales tax is a type of consumption tax imposed by governments on the sale of goods and services. It…

Q: With respect to the sources of state tax revenue, the corporate income tax generates approximately…

A: Resource allocation in modern economies relies on a crucial element called taxation. This serves as…

Q: Question 44 Please refer to the description of a tax on a market, represented by the graphic. The…

A: Answer: When the tax is applied by the government the loss in consumer surplus and producer surplus…

Q: The incidence of a tax: - refers to who writes the check to the government. - is a measure of the…

A: In Economics, incidence of tax explains which party ultimately bears the burden of tax. It expalins…

Q: The total tax revenue of the government is $400 million and the non tax revenue is $270 million…

A: The information being given is:- Total tax revenue = $400 million Non tax revenue = $270 million We…

Q: Income: 115,000 State Tax Rate: 7 % Federal Income Tax: $0 to $29,000 10% Federal Payroll Tax Rate:…

A: Progressive taxation is the tax system in which the government of the nation levies taxes on…

Question

The vertical distance between points A and C represent the amount of the tax. The amount of tax revenue received by the government is

		$4000
		$6000
		$10000
		$24000

1000
Price
Supply
900
A
800
700
600
500
400
300
200
100
Demand
++
10 20 30 40 50 60 70 80 90 100110 Quantity
+

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Government Revenue

VIEW

Step 2 Government Revenue

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Use the data below to answer the following questions. Family Income Tax rate A $10000 20% B $50,000 4% C $100,000 2% Prepare a line graph to show a regressive tax or a progressive tax on different income groups. b. Analyse the tax structure chosen using the results from the graph.
50 Price (P) S2 (after tax) S; (before tax) Tax i of $35 $30 $25 $20 E 90 100 Quantity (Q) The diagram above shows a market before and after an excise tax has been levied by the government. The diagram indicates the effective price (net of tax) that sellers receive after the tax is: Select one: а. $35 b. $20 c. $25 d. $30
Excise tax is not applied to: Excise tax is not applied to: None of the answer choices are correct. Wine Distilled spirits Beer Doughnuts
(Figure: Determining Tax Burdens) Based on the graph, the original market price is $4. The graph depicts a tax of with a corresponding deadweight loss of Price ($) 98765432 T X D 0 50 100 150 200 250 300 350 400 450 500 550 600 Quantity $6; $3 $3; $150 $6; 50 units $3; $75
Given the market value of indirect taxes are 630 and subsidies are 34 what will be the value of net indirect taxes?
1-) Qd=12-2p Qs=2+2p. The government collects a tax of $1 per unit of the good. What is the type of this tax? a) income tax b-) ad valorem c-) specific special consumption tax e) social security tax
QUESTION 3 What tax per item t will maximize total tax reveue T = tq if the demand is p+q3D1000 and supply 92 +2.5q+920 30 is
If the first $50,000 is taxed by 1% and anything above $50,000 to $75,000 is taxed by 2% then what is the tax of $60,000?
Oregon Hikes Cigarette Tax by $2 Last November Oregon voters overwhelmingly approved higher taxes on cigarettes and a new tax on e-cigarettes. Effective January 1, 2021, the state tax on a pack of cigarettes jumped from $1.33 to $3.33, the sixth-highest state tax in the nation. That will bring the average retail price up to $8.33 a pack, almost a 32 percent increase. State officials are expecting a tax windfall of $135 million in 2021 from the higher taxes. That assumes Oregonians continue to buy cigarettes at the same rate. Economists warn, however, that smokers reduce cigarette purchases when prices go up. Typically, unit sales decline by 4 percent when cigarette prices go up by 10 percent. The drop in unit sales may be larger in Oregon, as residents will have the option of purchasing smokes from other states, Indian reservations, and online. Source: Media reports of November 2020–February 2021. According to the News Wire, Instructions: Round your responses to one decimal…
The vertical distance between points A and B represents the original tax. 12+ 11+ 10 9 8 7. 6 Price 2 1 D 05 1 15 2 25 3 35 4 45 5 Quantity Refer to Figure 8-19. If the government changed the per-unit tax from $5.00 to $7.50, then the price paid by buyers would be $10.50, the price received by sellers would be $3, and the quantity sold in the market would be 0.5 units. Deadweight loss would now be a. $1.50 O b. $0.50 c. $4.0 Od. $0.625
QUESTION 15 A tax on a good O raises the price buyers pay and lowers the price sellers receive. raises both the price buyers pay and the price sellers receive. lowers both the price buyers pay and the price sellers receive. lowers the price buyers pay and raises the price sellers receive.
Find the indirect taxes when the net indirect taxes are 4300 and the subsidies are 2100