Please answer correct explain plzDon't answer by pen pepar plz Price$241610Tax70OSDQuantityRefer to Figure 8-4. What is the amount of deadweight loss as a result of the tax?15AFTAROM-32°CAG

The cost that society bears due to market inefficiencies is deadweight loss. The taxes can create…

Answered: Price $24 16 10 Tax X D 70 100 S…

Price $24 16 10 Tax X D 70 100 S Quantity Refer to Figure 8-4. What is the amount of deadweight loss as a result of the tax?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 10P

See similar textbooks

Related questions

Q: E. Referring to the graph below of a natural monopoly: 100 90- 80 70 60 55 50 40 30 20- 10 Price MC…

A: Disclaimer: - Since you asked multipart questions, we are solving first 3 subparts as per…

Q: A company sells one of the items in its product line for $8.90 each. The variable costs per unit is…

A: Given The price of output is $8.90 per unit. Average variable cost =$3.90 per unit. Fixed cost…

Q: Which characteristic of the indifference curve explains that the ranking of the bundles of goods by…

A: A combination of two things in a variety of ratios that provides a person with equal benefit is…

Q: Choose the corect statment(s). OA. The natural unemployment rate in the United States ranges between…

A: There are three types of unemployment, i.e., structural, frictional, and cyclical unemployment. The…

Q: b) Find the revenue function. R(x)= c) Find the cost function. C(x) = d) What is the maximum profit…

Q: A £ 200-face-value coupon bond with a coupon rate of 10% that was bought for £ 220, held for three…

A: Face value of the bond = £ 200 Coupon rate = 10% or 0.10 So, the annual coupon payment = Face value…

Q: 7. Which of the following will result to a surplus in the financial account? a. Amount paid to…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: You are a newspaper publisher. You are in the middle of a one-year rental contract for your factory…

A: Rental Expense = 600,000 Labor Expense = 1250,000 Marginal Printing Cost = 0.35 Marginal delivery…

Q: Suppose a firm's production function is: q = √KL. Assume capital is fixed at 4 units, and the rental…

A: Given Production function: q=KL Capital is fixed at K=4 it means the firm is in the short run…

Q: If the M2 multiplier is currently 8 and people decide to increase the ratio of currency they hold…

A: The link between the financial base and the money supply is measured by the M2 multiplier. It is…

Q: 2. (Jones. Chapter 8, Question 1) TABLE 8.1 The Consumer Price Index, 1900-2015 (2015 = 100) Year…

A: Consumer Price Index is a measure of overall changes in the price of goods and services paid by the…

Q: Calculate the marginal average cost for the indicated function: C(x) = 0.003 x3 - 0.3 x2 + 40 x +…

A: Average cost is the cost of production per unit. Average cost is calculated by dividing the…

Q: The table above shows Econland’s economy aggregate demand and aggregate supply schedules. Econland’s…

A: There is a recessionary gap when the actual output is less than the potential output. There is an…

Q: Problem Find all pure-strategy pooling and separating perfect Bayesian equilibria in the following…

A: In the above game there are two players : Player 1 & 2 Strategy Set of Player 1 : { L , R }…

Q: ABC Company in New York is financially distressed. It needs the revenue generated by a huge volume…

A: Buyers: A buyer's market is a market for a particular product or service in which buyers enjoy…

Q: Graphical representation of the relationship between the price of the good and its quantity that…

A: We are supposed to name the term which is the Graphical representation of the relationship between…

Q: a. What are the units on the vertical axis of the above figure? b. If the nominal policy interest…

A: The IS-LM model refers to the model that shows how aggregate markets for real goods and financial…

Q: 11. Suppose there are 2 types of firms which emit some uniformly-mixed pollution. We'll assume that…

A: there are two types of firms that emit some uniformly mixed pollution. We'll assume that they are…

Q: a. At the market price of $80 per unit, what is the profit maximizing level of output? Why is this…

A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…

Q: An investment has the potential of eaming you $5000 at a 15 percent probability, $3000 at a 45…

A: Expected value of investment is the sum of the product of earning potential with their probability.…

Q: QUESTION 37 Startups that focus on business solutions are at a disadvantage because other businesses…

A: B2C means that the user or customer has time but lacks money. B2B means that the user or customer…

Q: Consumption Function: C = 100+ 0.8Yd Investment Function: I = 100 Government Spending: G = 150 Net…

A: National income is the total income that is gained by all the sectors and communities of a nation.…

Q: optimal fraction of wealth that the investor will invest in the risky asset

A: CARA utility is an assumption made in the Economic analysis so that the utility function can take a…

Q: Based on the inflation rate between 2008 and 2009 and between 2013 and 2014, if your boss told you…

A: Purchasing power is the value of a currency expressed in terms of the number of goods or services…

Q: Consider the following policy game. The house of representatives (player 1) can propose a new…

A: To find the subgame perfect Nash Equilibrium, we have to find range of values of x for which b…

Q: Refer to the normal-form game of price competition in the payoff matrix below. Firm A Low Price High…

A: Given:

Q: Price/Cost (5) A. $9 B. $3 5 C. $6 D. $4 15 MR 35 40 Demand 60 65 70 75 80 85 45 50 55 Quantity…

A: In monopoly A monopolist will produce where MR = MC MR is the marginal revenue MC is the marginal…

Q: Helen has 3 liters of Cola and 9 Burgers. Alex, on the other hand, has 8 liters of Cola and 4…

A: Edgeworth boxes refer to the boxes that are a useful tool when considering the trade of 2 finite…

Q: Compare and contrast political economy and political system.

A: Despite the fact that the terms political economy and political system are sometimes used…

Q: Use the Fishcher Model to explain the relationship between inflation, interest rate and unemployment…

A: The connection between real and nominal interest and inflation rates is described by Irving Fisher's…

Q: The following question relates only to the equilibrium in the goods market IN A CLOSED ECONOMY and…

A: The international market is the market where a nation is involved in trade with multiple nations.…

Q: Gross Domestic Product equals $3.4 trillion. If consumption equals $2.0 trillion, investment equals…

A: GDP = consumption+investment+govt exp+NX (Here NX = exports -import) Now to convert the trillion…

Q: ABC Manufacturing has determined that the demand function for their heated socks is given by: D(p)…

A: Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts for…

Q: Draw pictures to describe how consumer surplus is changed by sucessful third-degree price…

A: Third-degree price discrimination, also known as market segmentation of pricing discrimination,…

Q: ABC Manufacturing has determined that the demand function for their heated socks is given by: D(p)…

A: Introduction: Elasticity of demand is the ability of the amount of a good or service to fluctuate in…

Q: Define comparative advantage with the use of opportunity cost. Give a real life example of it.

A: International trade refers to the exchange of goods, services, jobs, capital, etc occuring between…

Q: The nominal GDP for 2021 is $125 billion, and the real GDP for 2021 is $100 billion. (1). Calculate…

A: GDP deflator is an implicit price deflator which measures the change in prices of goods and services…

Q: How does war affect the economic development and quality of life in a particular region?

A: The process by which low and less developed countries become economic powers is known as economic…

Q: What is the wholesale cost of an item, if the retail cost is $37 and the amount of markup is $7? Use…

A: Retail is the sale of goods to final consumers and the units sold is individual unit of good.…

Q: When making choices between spending or saving, how might these decisions impact the aggregate…

A: Introduction Income to a consumer is divided between spending and saving. From a personal point of…

Q: What would be the Primary deficit if fiscal deficit is 77 and Interest payment is 57?

A: Given information: The fiscal deficit is 77 The interest payment is 57

Q: asmeen purchased stock on January 30, 2017. If she wishes to achieve a long-term holding period,…

A: Capital assets are a type of asset the taxpayer purchases as a long-term investment. The purpose of…

Q: Morning Star Air (China). Morning Star Air, headquartered in Kunming, China, needs US$25,000,000 for…

A: Exchange rate is the rate at which foriegn currencies are exchanged in foreign exchange market.

Q: 1.Essay Question (2 Inflation is a rise in prices, which can be translated as the decline of…

A: The main objectives of taxation is to generate income to pay for significant public expenditures.…

Q: There are countries where corruption has been officially made systemic to aid their economic…

A: Many nations with emerging economies suffer from a high level of corruption that slows their overall…

Q: The production function for a widget-manufacturing firm is given by q = 9K0.5L0.5, where q is the…

Q: g. Suppose that taxes are not exogenous as suggested at the beginning of this task but, rather,…

A: Aggregate demand is the sum of Consumption, Investment, government spending and net export. In a…

Q: Could you please give me full detailed answer?

A: A pizza company runs its business in a franchisee mode and has decided to conduct a $1 promotion for…

Q: Are the following statements true or false? Explain a. If the government prices public transport so…

A: A break-even point is a point wherein there will be no profit or loss. In other words, it can also…

Q: Y2 Assume that neither country experiences population growth or technological progress and that 4…

A: The level of capital that is stable over time is known as k*( steady state level of capital). K* is…

Question

Please answer correct explain plz

Don't answer by pen pepar plz

Price
$24
16
10
Tax
70
O
S
D
Quantity
Refer to Figure 8-4. What is the amount of deadweight loss as a result of the tax?
15
AFTAROM
-32°C
A
G

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Given: QD = 160 -5P QS = -11 + 4P In addition, the government imposed a $3.00 tax on the buyer. Calculate the following: (e) Deadweight loss. (f) Government revenue.
If a tax of $1.20 is imposed on consumers in this market, what is the new consumer surplus? a. 7500 b. 1150 c. 9250 d. 6750
QD = 160 -5P QS = -11 + 4P In addition, the government imposed a $3.00 tax on the buyer. Calculate the following: (d) Producer surplus after the tax. (e) Deadweight loss. (f) Government revenue.
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
Given the demand and supply equations : P + 1/2QD = 10 3P - Qs = 17 a) Find the equilibrium price and quantity. b) Tax of $2 per good is imposed, find the new equilibrium price and quantity. c) Find the extra pay by the supplier and government tax 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 information
In a country a government chooses to increase the tax on gas for $0.20 per gallon. Though the price of gas after tax goes up only by $0.15. Does the gast station collection enough tax or not?
Daniel 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?
Calculate the before tax consumer surplus, producer surplus, and social welfare. P = 20 - .01Qd P = .005Qs + 5
Sophie pays Sky $50 to mow her lawn every week.When the government levies a mowing tax of $10 onSky, he raises his price to $60. Sophie continues tohire him at the higher price. What is the change inproducer surplus, change in consumer surplus, anddeadweight loss?a. $0, $0, $10b. $0, −$10, $0c. 1$10, −$10, $10d. 1$10, −$10, $0
Sinead commutes from her suburban residence to the city center. 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.
PDemand QDemand PSupply QSupply $10 0 $1 2 $9 3 $2 4 $8 6 $3 6 $7 9 $4 8 $6 12 $5 10 $5 15 $6 12 $4 18 $7 14 If the Government creates a quota of 6 units to reduce the consumption of the dangerous product, what will the price of the good be in the marketplace? How much deadweight loss is there? How much of the deadweight loss came from the consumers?