Solve all this question......you will not solve all questions then I will give you down?? upvote... What is the government's tax revenue? Is this tax efficient?With the tax imposed, the price of a luxury boat isOAA. $3 millionB. $3.60 millionOC. $0.60 million.D. $3.30 millionE. $440 millionWith the 20 percent tax on luxury boats,OA. the tax reduces the quantity of luxury boats sold to zero, so there is no taxthe buyer pays all of the taxit is impossible to say how the tax is split between the buyer and sellerO D.B.O C.O D.O E. the buyer and the seller split the tax evenlythe seller pays all of the taxThe government raises tax revenue of $ million.>>> Answer to 1 decimal place.4.80-4.203.60-3.00-2.40+Price (millions of dollars per boat)176D$+tax$528Q264352440Quantity (boats per week)>>> Draw only the objects specified in the question.✓ The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with notax on luxury boats the price is $3 million and 440 luxury boats a week are bought.Now luxury boats are taxed at 20 percent tax. What price do buyers pay? How is the tax split betweenbuyers and sellers?What is the government's tax revenue? Is this tax efficient?With the tax imposed, the price of a luxury boat isO A. $3 millionB. $3.60 millionOC. $0.60 millionO D. $3.30 millionOE. $440 millionWith the 20 percent tax on luxury boats,O A. the tax reduces the quantity of luxury boats sold to zero, so there is no taxB. the buyer pays all of the taxO C. it is impossible to say how the tax is split between the buyer and sellerOD. the seller pays all of the tax4.804.203.603.00-2.40+Price (millions of dollars per boat)176D264$+tax$440352Quantity (boats per week)>>> Draw only the objects specified in the question.Q528

Tax is a kind of charge that is put on the production units for producing a certain level of…

What is the government's tax revenue? Is this tax efficient? With the tax imposed, the price of a luxury boat is OA. $3 million B. $3.60 million OC C. $0.60 million OD. $3.30 million OE. $440 million With the 20 percent tax on luxury boats, O A. the tax reduces the quantity of luxury boats sold to zero, so there is no tax B. the buyer pays all of the tax OC. it is impossible to say how the tax is split between the buyer and seller O D. the seller pays all of the tax OE. the buyer and the seller split the tax evenly million. The government raises tax revenue of $ >>> Answer to 1 decimal place. 4.80 4.20 3.60- 3.00 2.40+ Price (millions of dollars per boat) 176 D 264 352 Quantity (boats per week) >>> Draw only the objects specified in the question 440 $+taz 528

What is the government's tax revenue? Is this tax efficient? With the tax imposed, the price of a luxury boat is OA. $3 million B. $3.60 million OC C. $0.60 million OD. $3.30 million OE. $440 million With the 20 percent tax on luxury boats, O A. the tax reduces the quantity of luxury boats sold to zero, so there is no tax B. the buyer pays all of the tax OC. it is impossible to say how the tax is split between the buyer and seller O D. the seller pays all of the tax OE. the buyer and the seller split the tax evenly million. The government raises tax revenue of $ >>> Answer to 1 decimal place. 4.80 4.20 3.60- 3.00 2.40+ Price (millions of dollars per boat) 176 D 264 352 Quantity (boats per week) >>> Draw only the objects specified in the question 440 $+taz 528

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter6: Demand And Elasticity

Section: Chapter Questions

Problem 3TY

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Similar questions

In a market where the supply curve is perfectly inelastic how does an excise tax affect the price paid by consumers and the quantity bought and sold?
Under which circumstances does line tax burden fall entirely on consumers?
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2. The elasticity of demand for guitars is -2.0, and the elasticity of supply is 3.0. How much will the price of guitars change with a per-unit tax of $2?
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Suppose the market for cigarette is competitive. An economist estimates the price elasticity of demand and supply for cigarette are -0.8 and 0.7 respectively. Suppose the government imposes a per-unit tax of $45 Some economists believe that a sales tax, in general, is undesirable. Explain. Despite this, why do most countries still impose a tax on cigarette? Explain plausible arguments.
The reason which determines the elasticity of tax burden on buyers and sellers.
Subject:eco The elasticity of demand for maracas is –2.0, and the elasticity of supply is 3.0. How much will the price of maracas change with a per-unit tax of $1? Who bears the larger burden of the tax, consumers or producers?
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Assume that the elasticity of demand for fanta is -0.8 while the elasticity of supply is 0.4. What is the pass-through fraction of a tax on fanta to consumers? B. Assuming a tax of K12 is applied on each bottle of fanta, how much of this will be borne by producers. C. If the original price was K30, what would be the new equilibrium price?