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- Market demand for Mandrake roots is given by Q=417-5P and market supply is given by Q=2P. Thegovernment of Sodden needs money, so it imposes a per unit tax of $4 on mandrake root. What isthe market quantity when the tax is imposed?A religious group engaged in the sale of bibles and other religious articles was required to pay taxes on thesales of such merchandise. Is the imposition of the tax valid?Qd=160-5P and QS=-11+4P. Governement imposed a tax of $3.00 on the buyer. Calculate: a. Producer surplus after tax b. Deadweight loss c. Government revenue
- If a $6 per unit excise (sales) tax is imposed, who will suffer the greater burden of this tax, the suppliers or demanders? a) Demanders b) Suppliers c) Both share the burden equally d) Can't tell from the available informationGiven the following information QD = 240-5P QS= P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price. Calculate the producer surplus before tax.Which of the following is the unit tax?A. $0.45B. $0.50C. $1.00D. $1.50E. $2.00
- Refer to Figure 8-2. The per-unit burden of the tax on sellers is a) $3. b) $9 c)2 d)$8The inverse demand for table salt is p = 200qd+1 , while the inverse supply of table salt is p = 10+ 2qs. a. Find the equilibrium price of table salt before AND after the imposition of a 40% ad valorem tax on the consumers of table salt. b. Describe the distribution of the burden (incidence) of this ad valorem tax between consumers and producers. c. Find and interpret the price elasticity of supply (es) at the after-tax equilibrium price and quantity.What is a deadweight loss? Explain and compare the welfare effect of: () a minimum wage of $15; (ii) tax incentive (subsidies) for small companies that raised wages to $15. Make sure to include the welfare effects to consumer, producer, and government with each option.
- The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack. What are some of the secondary effects of this tax? Check all that apply.1) Below is the demand and supply schedule for the market for personal chefs. These are chefs that are hired to come into the client’s home to prepare meals for them. Show all your calculations used to answer the following questions. d)calculate the excess demand or supply at the price of $35,$70,$25 and $65 e) If tax of 5$ imposed compute the consumer and producer tax burden Price per hour Qty supplied Qty demanded 20 0 29 25 1 26 30 3 23 35 5 20 40 7 17 45 9 14 50 11 11 55 13 9 60 15 7 65 17 5 70 19 3 75 21 1 80 23 0Calculate the before tax consumer surplus, producer surplus, and social welfare. P = 20 - .01Qd P = .005Qs + 5