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- Kindly assist with the above two questions. 1) Besides raising revenue, what is the most likely goal of government that enacts a per unit tax. a) to increase market competition. b) to correct for a positive externality c) to correct for a negative externality d) to encourage production of private goods. e) to increase profit and encourage production. 2) Country A can produce a gadget at a lower cost than any other producer of gadgets. As a result , Country A must have. a) a superior gadget making technology b) an absolute advantage gadget production . c) a comparative advantage in gadget production. d) a constant opportunity cost associated with gadget production e) more factors of production devoted to gadget production than any other country.Consider an ad-valorem tax on a good X. The Demand for good X is constant elasticity with elasticity -2. The Supply for good Y is constant elasticity with elasticity 3. Consider the same setting as for the previous question. When a tax of 1% of the price is imposed on good X, then equilibrium quantity of X exchanged declines by what percentage?Distinguish between a carbon-tax and a cap-andtrade strategy for reducing carbon dioxide and other so-called greenhouse gases (that are believed by many scientists to be causing global warming). Which of the two strategies do you think would have the most political support in an election in your home state? Explain your thinking.
- Note: The answer should be typed Taxes and subsides work together by____ the price of polluting technology or goods and___ the price of competing clean technology or goods. Over time, as firms and individuals choose the___ .cost technologies or goods. products that bear a_____ will phase out of the market, while products with a______ will be adopted. As the scale of production of non-polluting technologies increases, the cost of production for those technologies or goods will ____further reducing the____ until subsidies are no longer necessary to successfully compete with the polluting technologies or goodsFor part B, blank options: a. does/ does not b. equal to/ larger than/ smaller than For part C, blank options: a. corrective tax/ corrective subsidy/ nonrival good b. tragedy of the commons/ cap and trade system/ socially optimal c. corrective subsidy/ corrective taxConsider an ad-valorem tax on a good X. The Demand for good X is constant elasticity with elasticity -2. The Supply for good Y is constant elasticity with elasticity 3. What is the incidence of the tax? Provide a fraction that shows the ratio of the tax burden that falls on the supply side relative to the demand side.
- The annual demand and supply for liquor in a certain state is given by the following equation: Qd= 500,000 − 20,000P Qs=30,000P where P is the price per gallon and QD is quantity of gallons demanded per year. a. Suppose that a $1-per-gallon tax is levied on the price of liquor received by sellers. Use both graphic and algebraic techniques to show the impact of the tax on market equilibrium. b. Calculate (i) the excess burden of the tax, (ii) the amount of revenues collected, and (iii) the incidence of the tax between buyers and sellers.Competitive Markets and Externalities 1.What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples 2.What are the determinants of price elasticity of demand? Identify at least three examples? 3.Explain how price elasticity can impact pricing decisions and total revenue of the firm? 4.can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.The main disadvantage of an emissions tax is that ... Question 3Select one: a. the total pollution reduction from an emissions tax cannot be known for sure. b. firms lack the flexibility to pursue different technologies. c. firms do not have an incentive to reduce pollution. d. firms cannot behave in an economically-efficient manner. e. differences among firms are not incorporated into the policy.
- When people decide to buy cars, they have to decide between fuel economy and other features. It is argued that there is a "public good" issue involved in this decision. Why might that be? How the existence of public-good characteristics affect the price of the car? Include in your answer a good definition of a public good and free riders.Suppose a small country, Country X, is considering implementing a Carbon Tax to address environmental concerns and reduce carbon emissions. The government believes that such a tax will have an impact on the country's economic performance. Given the following data: Current annual carbon emissions: 500,000 metric tons The government proposes a carbon tax of $30 per metric ton of carbon emitted. Calculate the potential change in annual carbon tax revenue if the country successfully reduces its carbon emissions by 20% after the implementation of the Carbon Tax.The demand and supply functions for a type of good are shown by the equation: Qd = 1500-10P and Qs = 20P-1200.Each item sold is subject to a tax of IDR 15.00 per unit.Define: a. Price and balance before tax.b. Price and balance after tax.c. Draw the two balances on a cross axis.d. Producer 's tax burden .e. Government revenue from taxes on the sale of the goods.
