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- E4 What is a viable cause for the right shift of this Supply Curve below? Group of answer choices Government Budget Deficit All of the Above Government Budget Surplus Investment Tax IncentivesA controversial issue in managing climate change is the effect of taxes on gasoline. Higher taxes would reduce the after-tax price received by gasoline producers. The price elasticity of the supply of gasoline has been estimated to be 2.0.a. Explain why the price elasticity of supply is positive.b. Suppose that a tax on gasoline reduces the after-tax price of gasoline by 5%. By how much would suppliers reduce gasoline production?c. Compare the effect of the tax on gasoline in the short vis-à-vis long run.Give typing answer with explanation and conclusion The burden of a sales tax will fall primarily on businesses because sales tax is collected from businesses. true or false?
- Suppose households supply 500 billion hours of labor per year and have a tax elasticity of supply of 0.16. If the tax rate is increased by 19.6 percent, by how many hours will the supply of labor decline? a) 28.67 billion b) 1.568 trillion c) 2.465 trillion d) 3.422 trillion e) 9.183 trillionDue to a sales tax, the sale of gameboys decrease from 80 to 70. This tax is a tax on sellers when they receive the units from suppliers. How would the curve look due to this change?Q)Economics If the tax elasticity of supply is 0.16, by how much will the quantity supplied increase when the marginal tax rate decreases from 40 to 36 percent?
- “An increase in the income tax rate (fiscal policy) will have no impact on the level of output or prices in the long run.” True or False? Explaina. Draw a graph showing demand and supply in a perfectly competitive market with a perfectly elastic supply curve that is subject to an excise tax. Use the tools provided in the graph below to draw a perfectly elastic supply curve (S0), a perfectly elastic supply curve subject to an excise tax (S1), and market demand curve (D). Plot only the endpoints of each curve. The payment of this tax falls multiple choice 1 half on consumers and half on producers. mostly but not all on producers. mostly but not all on consumers. all on producers. all on consumers. b. Now draw a graph showing demand and supply in a perfectly competitive market with a perfectly elastic demand curve that is subject to an excise tax. Use the tools provided in the graph below to draw a perfectly elastic demand curve (D), a market supply curve (S0), and the market supply curve subject to an excise tax (S1). Plot only the endpoints of each curve. The payment of this tax falls multiple choice 2 half on consumers and half…After the excise tax is imposed, what is the new equilibrium quantity of sofas? d. What is the total amount of revenue collected by the government from the excise tax on sofas?
- Do you think profit could be maintained if the tax burden were simply passed on to the consumers in the form of higher selling price? How will this affect sales? Explain.A sales tax is imposed on good A. The supply of good A is not perfectly elastic or perfectly inelastic. Suppose that the demand for good A becomes more inelastic. (a) Will the tax burden on sellers increase or decrease? (b) Will the DWL increase or decrease?(Figure: Supply Tax) In the accompanying pizza market, with a $2 tax imposed on the sellers, how much of the tax is paid by the buyers and how much of the tax burden is borne by the sellers? Sellers pay all of the $2 tax. Buyers pay all of the $2 tax. Sellers pay $1.50 and buyers pay $0.50 of the tax. Buyers pay $1.50 and sellers pay $0.50 of the tax.
