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- The market for pizza is characterized by a downward sloping demand curve and an upward sloping supply curve. Suppose that the government forces each pizza house to pay a Php2 tax on each pizza sold. Illustrate the effect of this tax on the pizza market. Label the consumer surplus, producer surplus, government revenue, and deadweight loss. How does each area compare to the pre-tax case?The following graph represents the demand and supply for an imaginary good called a pinckney. 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.Once the government imposes a Tax per unit sold in a market, the following will occur, EXCEPT: Question 11 options: The (after tax) price paid by the consumer will increase and the (after tax) price received by the producer will decrease. The Tax will reduce consumer's and producer's surpluses (net benefits) The tax will generate a DWL (dead weight loss). The tax will have a higher tax incidence on the most relatively Elastic sector (demand or supply)
- Question: A tax is imposed on a certain good, and it produces revenue of $5,000 for the government. The tax reduces consumer surplus by $3,000 and reduces producer surplus by $4,000. What is the amount of the deadweight loss of the tax?A specific tax on sellers will * a)shift the supply curve to the right. b)shift the supply curve to the left. c)shift the demand curve to the right. d)shift the demand curve to the left.A government decides to reduce air pollution by reducing the use of petrol and imposes a specific tax of £0.50 on energy companies for each litre of petrol sold. Use a supply and demand diagram and show the effect of the tax on consumer and producer surplus and comment on the incidence of the tax on consumers of energy and producers of energy.
- Quantity Demanded: QD= 240-5P Quantity Supplied: QS= P Suppose the government decides to impose a tax of $12 per unit on sellers, determine the demand and supply equation after tax. Determine the buyers and sellers price after tax, quantity, consumer surplus and producer surplus after tax, tax revenue, deadweight loss of the tax and the total surplus after tax.Refer to the figure. What is the Total surplus (consumer surplus + producer surplus + tax revenue) after the taxThe market demand is Qd=12 - 0.04P The market supply is Qs=3.8P + 4 Supposed each unit is taxed $0.25: a) calculate the revenue generated by tax b) calculate loss in consumer surplus and the percentage of the burden of the tax paid by consumers. c) calculate loss in producer surplus and the percentage of the burden of the tax paid by producers