A reduced surplus for consumers and producers, such as inefficient allocation of resources, costs, and taxes, creates _____. equilibrium deadweight loss total revenue efficiency
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- a tax of $10 per ton of coal causes the price, inclusive of the tax, to increase from $60 per ton to $63 perton, and the quantity to decrease from 540 million tons to 500 million tons. what is the loss of consumer surplus? A. $3.64 billion B. $1.56 million C. $200 billion D. $1.56 billionAs a result of the tax, consumer surplus decreases from $200 to $80. producer surplus decreases from $200 to $145. the market experiences a deadweight loss of $80. All of the above are correct.Consumer surplus is at maximum level when the government imposes tax on a good or service True / False
- a tax of $10 per ton of coal causes the price, inclusive of the tax, to increase from $60 per ton to $63 perton, and the quantity to decrease from 540 million tons to 500 million tons. what is the loss of consumer surplus? Producer surplus?The following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario.Given the following information QD = 240 - 5P QS = p where QD is the quantity demand, QS is the quantity supplied and P is the price. Suppose that the government decides to impose a tax $12 per unit on sellers in this market. Determine: g) Tax revenue h) Deadweight loss of the tax i) Total surplus after tax
- QUESTION 1: TAXATION Suppose that the government of China decided to impose a per unit tax on the suppliers of salt. a) Using a supply and demand model, show and explain the impact that the per-unit tax had on the equilibrium price and quantity of salt. b) Using the diagram created for your answer to (a), show and explain what effect the per unit tax had on consumer surplus, producer surplus and deadweight loss. c) List three reasons a government may impose a tax. Discuss the link between government revenue from taxation and elasticity of demand.The market supply and demand for a product are shown in the diagram below. (a) Is the price elasticity of supply less than one, equal to one, or greater than one? Explain. (b) Calculate consumer surplus at the equilibrium price. Show your work. (c) Now suppose the government imposes a per-unit tax of $1 on producers. (i) What happens to total revenue received by producers after they pay the tax to the government? Explain. (ii) Will producer surplus increase, decrease, or stay the same? (iii) Will total surplus increase, decrease, or stay the same? Explain.Give typing answer with explanation and conclusion to all parts 1. Suppose that the demand curve for wheat is Q = 200 – 20p and the supply curve is Q = 20p. The government provides producers with a specific subsidy of s = $2 per unit. a. How do the equilibrium price and quantity change? b. What effect does the tax have on consumer surplus, producer surplus, government revenue, and deadweight loss.
- The following graph represents the demand and supply for pinckneys (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. Complete the first table, given the information presented on the graph. In the second table, indicate which areas on the previous graph correspond to each concept. Check all that apply.The market supply and demand for a product are shown in the diagram below. PRICE $6 Supply Demand 80 200 QUANTITY (a) Is the price elasticity of supply less than one, equal to one, or greater than one? Explain. (b) Calculate consumer surplus at the equilibrium price. Show your work. (C) Now suppose the government imposes a per-unit tax of $1 on producers. (i) What happens to total revenue received by producers after they pay the tax to the government? Explain. (ii) Will producer surplus increase, decrease, or stay the same? (iii) Will total surplus increase, decrease, or stay the same? Explain.A $1 tax per unit levied on consumers of good is equivalent to Question 2 options: A price floor that raises the price by $1 per unit A price floor ceiling that raises the good's price by $1 All other answers are incorrect A $1 per unit tax levied on producers of the good
