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- Effect of a tax on buyers and sellers The following graph shows the daily market for jeans. Suppose the government institutes a tax of $10.15 per pair. This places a wedge between the price buyers pay and the price sellers receive. 0100200300400500600700800900100050454035302520151050PRICE (Dollars per pair)QUANTITY (Pairs of jeans)Tax WedgeDemandSupply Fill in the following table with the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay Price Sellers Receive (Pairs of jeans) (Dollars per pair) (Dollars per pair) Before Tax After Tax Using the data you entered in the previous table, calculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticity of demand and supply over the relevant ranges using the midpoint method. Enter your results in the following table. Tax Burden Elasticity…The following graph shows the daily market for jeans. Suppose the government institutes a tax of $40.60 per pair. This places a wedge between the price buyers pay and the price sellers receive.Effect of a tax on buyers and sellers The following graph shows the daily market for jeans. Suppose the government institutes a tax of $23.20 per pair. This places a wedge between the price buyers pay and the price sellers receive.
- The following graph shows the daily market for wine. Suppose the government institutes a tax of $11.60 per bottle. This places a wedge between the price buyers pay and the price sellers receive.Congress and the president decide that the United States should reduce air pollution by reducing its use of gasoline. They impose a $0.50 tax on each gallon of gasoline sold. Suppose they decided to impose the tax on consumers. In the following graph, shows the effect of a $0.50 tax on each gallon of gasoline sold imposed on consumers by shifting the demand or supply curve. DemandSupply01234563.02.52.01.51.00.50Price of Gasoline (Dollars per gallon)Quantity of Gasoline (Thousands of gallons)Demand Supply True or False: The effect of the tax will be the same regardless of whom the tax is imposed on. True False This tax would be more effective in reducing the quantity of gasoline consumed if the demand for gasoline were elastic. True or False: Consumers of gasoline are helped by this tax. True False Workers in the oil industry are by this tax.Economists in Champaign have been studying the local market for pizza. The market is described in the graph below: Some research by the local university shows that eating pizza improves health in several ways. The local government decides to subsidize pizza consumption paying for $2 of every pizza sold(essentially a negative tax of $2). How much will the government spend with this subsidy?
- Look at the figure above. If the government assesses a tax of $0.75 on each latte, the price the consumer pays for a latte after the tax will: (explain please) increase from $2 to $2.75. increase from $2 to $2.50. increase from $2 to $2.25. change, but we cannot determine by how much.Economists in Champaign have been studying the local market for pizza. The market is described in the graph below: Some research by the local university shows that eating pizza improves health in several ways. The local government decides to subsidize pizza consumption paying for $2 of every pizza sold(essentially a negative tax of $2). How many pizzas will be sold in the market?The following graph shows the market for the long-distance bus rides. In the absence of taxes, the equilibrium price of a ride is $5 and the equilibrium quantity is 10 million rides. Suppose that regulator levies an excise tax on bus service providers. The amount of excise tax equals $2 per ride. Calculate the amount of dead-weight loss resulting from this tax. $4 million $0.5 million $1 million $2 million
- This question analyze the market for cellular service. QD = 50 – 0.25P QS = 2P – 76 a. Suppose the government imposes a $60 price ceiling. Calculate the new quantity sold in the market. Q = a. Suppose the government instead imposes a $50 price ceiling. Calculate the new quantity sold in the market. Q = b. Briefly explain whether the $50 price ceiling creates a shortage or surplus in the market, and calculate the size of that shortage/surplus. What is The amount of the surplus or shortage is units? c. Calculate the amount of deadweight loss associated with the $50 price ceiling. DWL =Graph the following In the market for smartphones, the price elasticity of supply is +0.8, and the price elasticity of demand is -1.2. At equilibrium, price is $800 and quantity is 400000. (1a) Assuming supply and demand are linear, reconstruct and draw the supply and demand curves. Label the intercepts. (1b) To help consumers and phone-makers, the government proposes to subsidize smartphones by $80 each. What are PB and PS after the subsidy? What is the new equilibrium quantity? Illustrate them on the same graph. (c) Calculate the change in consumer surplus, producer surplus, government expenditure, and deadweight loss and identify them on the graph.The current market price of bananas is $1 per pound. Use a graph and words to show the effect of a ten cent tax on each pound of bananas. Insert your own numbers into your graph. Be sure to indicate the new price paid by consumers, the new price received by sellers, and the new quantity sold.