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Assess the effects of
Price floor
(Hint: Government policies and intervention)
please provide detailed answer
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- Shelley is self-employed in Texas and recently attended a two-day business conference in New Jersey. After Shelley attended the conference, she had dinner with an old friend who lived nearby. Shelley documented her expenditures (described below). What amount can Shelley deduct? Airfare to New Jersey $ 2,160 Meals at the conference provided by a caterer 236 Meal with an old friend 130 Lodging in New Jersey 434 Rental car 196What is the difference between the primary market and thesecondary market?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?
- 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 for each gallon of gasoline soldsuppose that the local government of Columbus decides to institute a tax on seltzer consumers. Before the tax, 20,000 packs of seltzer were sold every week at a price of $10 per pack. After the tax, 15,000 packs of seltzer are sold every week; consumers pay $12 per pack (including the tax), and proceeds nrecieve $5 per pack.discuss two methods that the government may use to intervene in the market to eliminate the market inefficiency. In your discussion, explain which method is preffered
- Thoroughly analyze the impact of taxes on tobacco through the perspective of a smoker (a consumer in the tobacco market) worried about rising prices. Focus on price elasticity in your answer.The Australian government have suggested that they might need to increase GST to help fund the COVID-19 rescue package. GST is a tax on goods and services usually paid at the point of sale. Consider the market for bread. Suppose a loaf costs $4.15 and includes a 15-cent tax per loaf. 2. What determines how the tax burden is shared between buyers and sellers?calculate the social security and medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for social security and 1.45% for medicare): (leave no cells blank - be certain to enter "0" wherever required. round your answers to the nearest cent.): Employee: Brian Cumulative earnings before this pay period: 399,700 Pay amount this period: 7,500 Social security this period: ?? Medicare this period: ??
- Many governments subsidise electric vehicles. Draw two sup- ply and demand diagrams (one for electric vehicles and one for petrol- powered vehicles) to show the impact of an electric vehicle subsidy. As- sume that an increase in electric vehicles sales reduces petrol powered vehicles by the same amount. On these diagrams show: (a) The quantity of both types of vehicles before the subsidy. (b) The quantity of both types of vehicles after the subsidy. (c) The deadweight losses in both markets before and after the subsidy. 4. is a fuel excise or an electric vehicle subsidy a better policy response to address externalities associated with driving? Your answer should draw on the answers above and could also include: Which policy is simpler to administer. How the two policies impact use of other forms of transport (like public transport or riding a bike). Which policy is fairer. Any additional information that you would like to know to inform your decision Note:- Do not provide…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.Discuss the arguments for government intervention in the markets. words count: 450-600