Please refer to the description of a tax on a market, represented by the graphic Consumer surplus before the tax is represented by the area(s) Check all that apply. D L H E.
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- The demand curve in the market of grapefruit is Qd = 120 - 2Pd and the marginal cost of production is constant at $38. If a tax of $17 is imposed, the price received by the producers is $[Answer] less for each unit sold. (In decimal numbers, with two decimal places, please.) Note: don't use any ai bot tool.Consider the following demand and supply function of product ZT: Qd = 25 - 1.25 P Qs = -9 + 3 P Note: Determine the equilibrium point first to answer the following question. 3. How much is the producer surplus, with out sales tax? Use a number, 2 decimal values, no commas, no space, no signs. * 4. What is the equilibrium point? * a. (15 , 8 ) b. (8 , 15) c. (8 , 25) d. (15 , 21)If a tax of $1.20 is imposed on consumers in this market, what is the tax revenue?
- Suppose demand for cars is Qd = 550 - 70P and supply is Qs = 50 + 30P. Suppose government taxes producers of cars t=2. What is the DWL of the tax? What is total surplus?Correctly illustrate the market (supply and demand curve). Make sure to correctly shade the area of the tax. a) Washington state has a salmon market which sells salmon at a price of P. At that price, Q lbs. of salmon will be consumed in one week. Elasticity of supply: relatively elastic Elasticity of demand: relatively inelastic In addition, suppose Washington state were to levy an excise tax collected by producers.Please no written by hand solution A firm's profit function is: π(x,y) = 96x - 6x^2 + 84y - y^2 - 2xy .Suppose the firm's production causes pollution and the local authorities decide to apply a tas on its production, T=t(x+y), where t is a parameter. Given the tax, the firm maximises their tax revenue. What is the maximum profit the firm can obtain? What is the demand elasticity of price for each commodity at their maximum point?
- 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.What is the price firms receive after the tax is in placeThe supply of book is perfectly elastic at a price of 200. The demand curve of consumer is given by the function Q=30000000-125000P, suppose that a 80 percent subsidy is imposed on the producer of book. calculate the excess burden resulting from the tax
- A) At the equilibrium price before the tax is imposed, what area represents consumer surplus? What area represents produce surplus? B) Say that a tax of $T per unit is imposed in the industry. What area now represents consumer surplus? What area represents producer surplus? C) What area represents the deadweight cost of the tax? D) What area represents how much tax revenue is raised by the tax?Which of the following is true when there is a tax imposed in a market with perfectlyinelastic supply? Assume that the amount of the tax is less than the price before the tax isimplemented.(a) Buyers pay all of the tax(b) Buyers pay some but not all of the tax(c) Price paid by consumers falls by the amount of the tax(d) Price paid by consumers does not change(e) None of the abovePlease in a simple explanation, describe and or explain elasticity, consumer surplus and producer surplus.