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- Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or £0.07 per liter), Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while Britain has the highest tax at $2.83 a gallon or £0.5 per liter. If gasoline taxes are intended to reduce the time losses from road congestion in urban environments and gasoline pre-tax costs about £0.40 per liter, why might the optimal tax in Canada be 50 percent higher than in the United States? What would be an explanation for why adjacent countries would have such different estimates of the price elasticity of demand for auto driving?16Daniel Patrick Moynihan, the late senator fromNew York, once introduced a bill that would levy a10,000 percent tax on certain hollow-tipped bullets.a. Do you expect that this tax would raise muchrevenue? Why or why not?b. Even if the tax would raise no revenue, why mightSenator Moynihan have proposed it?What is pigovian tax. Explain in detail.
- Suppose that the government wants to tax wealthy people. They notice that only wealthypeople buy yachts. So the government decides to tax yachts. Is this an effective way to tax thewealthy? Explain your answerDiscuss the 5 properties of a good tax systemWhat is an indirect tax give two examples in economics
- e. What happens when government imposes a tax of 60 cents per gallon on buyers?Applying John Rawls’ theory of justice in taxation, do you think that it is fair forsome taxpayers not to receive this “ayuda”? Expound your answer.The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are? The government decides to: a) Impose a 25% Tax on X? b) Impose a 5 Rs /unit Tax on Y? c) Give a 10% subsidy on good z? Analyze the impact of each of these policies separately on equilibrium prices and quantities? Analyze the impact of each of these policies separately on equilibrium prices and quantities?
- The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are? The government decides to: a) Impose a 25% Tax on X? b) Impose a 5 Rs /unit Tax on Y? c) Give a 10% subsidy on good z? Analyze the impact of each of these policies separately on equilibrium prices and quantities? Analyze the impact of each of these policies separately on equilibrium prices and quantities? Provide theoretical justification (using diagrams) of all results obtained?If the government quadruples the amount of tax on gasoline, can you be sure that revenue fromg asoline tax will rise? Can you be sure that the deadweight loss from the gasoline tax will rise? Explain. (Hint: Incorporate graphs)Sinead commutes from her suburban residence to the city centre. When asked her opinion of a proposed congestion tax of $5 per trip, she says, “Of course I oppose the congestion tax. It would make me worse off by $5 per trip. What do you think I am, stupid?” Critically appraise Sinead’s statement.
