Use the supply and demand curves below to answer the following questions. Demand Price: Price =100-2*Q+1 Supply: Price =15+3*Q where I is consumers' income. Suppose that the government imposes a tax of T on the consumer. In the space below write out the new demand curve. HINT: remember how changes in taxes shift the demand curve. QUESTION 21 Using the supply curve and your demand curve given above find the new equilibrium quantity as a function of T and I. QUESTION 31. How does the tax revenue change as consumer income changes? Hint: Recall that the revenue generated by a tax is the amount of the tax multiplied by the number of goods bought / sold . Increase Decrease Stay the same Not enough information given. QUESTION 41. Assume income is 15 Given this information, find the revenue - maximizing tax. QUESTION 51.Assume income is 15 .Given this information, find the tax revenue that would be generated at the tax revenue - maximizing tax.
Use the supply and demand curves below to answer the following questions. Demand Price: Price =100-2*Q+1 Supply: Price =15+3*Q where I is consumers' income. Suppose that the government imposes a tax of T on the consumer. In the space below write out the new demand curve. HINT: remember how changes in taxes shift the demand curve. QUESTION 21 Using the supply curve and your demand curve given above find the new equilibrium quantity as a function of T and I. QUESTION 31. How does the tax revenue change as consumer income changes? Hint: Recall that the revenue generated by a tax is the amount of the tax multiplied by the number of goods bought / sold . Increase Decrease Stay the same Not enough information given. QUESTION 41. Assume income is 15 Given this information, find the revenue - maximizing tax. QUESTION 51.Assume income is 15 .Given this information, find the tax revenue that would be generated at the tax revenue - maximizing tax.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Use the supply and demand curves below to answer the following questions.
Demand Price: Price =100-2*Q+1
Supply: Price =15+3*Q
where I is consumers' income.
Suppose that the government imposes a tax of T on the consumer. In the space below write out the new demand curve. HINT: remember how changes in taxes shift the demand curve.
QUESTION 21 Using the supply curve and your demand curve given above find the new equilibrium quantity as a function of T and I.
QUESTION 31.
How does the tax revenue change as consumer income changes? Hint: Recall that the revenue generated by a tax is the amount of the tax multiplied by the number of goods bought
/
sold
.
Increase
Decrease
Stay the same
Not enough information given.
QUESTION 41. Assume income is 15 Given this information, find the revenue - maximizing tax.
QUESTION 51.Assume income is 15
.Given this information, find the tax revenue that would be generated at the tax revenue
-
maximizing tax.
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