Use the graph of the market for cigarettes to answer the following questions. According to the graph, how much is the government tax on cigarettes? $per pack (Enter your response rounded to two decimal places) What price do producers receive after paying the tax? $per pack. (Enter your response rounded to two decimal places.) How much tax revenue does the government collect? $billion dollars per year. (Enter your response rounded to two decimal places.) If the tax were collected from the buyers of cigarettes, the graph would differ from the one shown here by having OA demand shift up by the tax per pack instead of supply shifting up by the tax per pack B. no shifts at all. C. demand shift down simultaneously with, and by the same amount as, the upward shift supply OD. demand shift down by the tax per pack instead of supply shifting up by the tax per pack With the tax being collected from the buyers instead of the producers, the new equilibrium price that they would pay the producers will Price (dollars per pack) 12.00- 11.00- 10.00- 9.00- 8.00- 7.00 6.00- 5.00 4.00 3.00 2.00- 1.00- 0.00 612 16 20 24 28 32 36 40 Quantity (billions of packs per year)

Use the graph of the market for cigarettes to answer the following questions. According to the graph, how much is the government tax on cigarettes? $per pack (Enter your response rounded to two decimal places) What price do producers receive after paying the tax? $per pack. (Enter your response rounded to two decimal places.) How much tax revenue does the government collect? $billion dollars per year. (Enter your response rounded to two decimal places.) If the tax were collected from the buyers of cigarettes, the graph would differ from the one shown here by having OA demand shift up by the tax per pack instead of supply shifting up by the tax per pack B. no shifts at all. C. demand shift down simultaneously with, and by the same amount as, the upward shift supply OD. demand shift down by the tax per pack instead of supply shifting up by the tax per pack With the tax being collected from the buyers instead of the producers, the new equilibrium price that they would pay the producers will Price (dollars per pack) 12.00- 11.00- 10.00- 9.00- 8.00- 7.00 6.00- 5.00 4.00 3.00 2.00- 1.00- 0.00 612 16 20 24 28 32 36 40 Quantity (billions of packs per year)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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