If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit?PriceperBarrelQuantity of BarrelsSupplied(Millions)Quantity of BarrelsDemanded(Millions)$401481216202428Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied isnumber.)246810121312111098million barrels and the new quantity demanded is million barrels. (Enter your responses as a whole

A country imports the difference between quantity demanded and quantity supplied at the world price…

the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Supplied (Millions) Quantity of Barrels Demanded (Millions) 14 13 12 Price per Barrel $4 8 12 16 20 24 28 0 2 4 6 8 10 12 11 10 9 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is million barrels and the new quantity demanded is Qumber.) million barrels. (Enter your responses as a whole

the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Supplied (Millions) Quantity of Barrels Demanded (Millions) 14 13 12 Price per Barrel $4 8 12 16 20 24 28 0 2 4 6 8 10 12 11 10 9 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is million barrels and the new quantity demanded is Qumber.) million barrels. (Enter your responses as a whole

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 11E: Federal excise taxes on gasoline vary widely across the developed world. The United States has the...

See similar textbooks

Similar questions

The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: i. the excess burden of the tax
Refer to above Figure. Suppose the free-trade price is $85. Also, assume an export subsidy of $10. Calculate the total cost to the government for the export subsidy. $10,000 $14,000 $5,000 $19,000.
The gasoline demand equation is 100 -20P and the gasoline supply one is 48P. I am trying to figure out if the government levies a Pigouvian tax of $50/ton CO2, what is the effective tax per gallon of gas? Each gallon of gasoline releases 20 lbs (or 0.009 tons) of CO2 when combusted.
A subsidy is a direct tax on imported goods Question 48 options: True False
Graphically explain the negative effects of quotas. How about subsidies? Label and explain results in detail.
b. The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 250 – 10P, where Q is quantity (in millions of pounds) and P is the market price per pound of coffee. World producers can harvest and ship coffee to U.S. distributors at a constant marginal (= average) cost of $8 per pound. U.S. distributors can in turn distribute coffee for a constant $2 per pound. The U.S. coffee market is competitive. Congress is considering a tariff on coffee imports of $2 per pound. i. If there is no tariff, how much do consumers pay for a pound of coffee? What is the quantity demanded?ii. If the tariff is imposed, how much will consumers pay for a pound of coffee? What is the quantity demanded?
Country C imports 80,000 metric tons of steel from Country U and produces domestically80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linearschedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country Cimposes an import duty of $150 per metric ton that caused the world price to fall by 10%. What are the terms of trade of the Country C steel market after the tariff was imposed? Explain the welfare effects of both countries
Suppose an additional "special" tax of $0.10 per litre is imposed on the sale of gasoline in one province. Prior to the tax the price was $1.30 per litre and 10 million litres of gasoline are sold per day. After imposition of the tax, the new equilibrium price and quantity are $1.38 per litre and 9.6 million litres per day. What is the direct burden of this "special" tax?
Which of the following taxes do you think would cause the larger deadweight loss? Why?(a) a poll tax or a sales tax;(b) a sales tax on both services and goods or a sales tax only on goods;(c) an income tax only on interest and dividends or an income tax on income from all sources;(d) a tax on soft drinks or a tax on all beverages
The demand and supply functions for stylus pens are given by P = 100 - Q and P = 20 + 5Q, respectively.Now the government imposed a $10 per unit tax on stylus pens collected from sellers. What are themarket equilibrium price and quantity of stylus pens before imposing the tax? What are the marketequilibrium price and quantity of stylus pens after imposing the tax? What is the tax burden imposed onbuyers and sellers, respectively?
Given the following demand and supply functions Qd = 220−5P Qs = −20+3P if a per unit tax of 8 is imposed on the commodity, i. 1860 2575 i. determine the equilibrium price and quantity before the imposition of the tax. i. determine the equilibrium price and quantity after the imposition of the tax iii. compare the results in (i) and (ii). ivgraphGiven the following demand and supply functions Qd = 220−5P Qs = −20+3P if a per unit tax of 8 is imposed on the commodity, i. 1860 2575 i. determine the equilibrium price and quantity before the imposition of the tax. ii. determine the equilibrium price and quantity after the imposition of the tax. iii. compare the results in (i) and (ii). iv. graph the results in (i) and (ii).results in (i) and (ii). Please I need answer for only subpart iv
Pigou tax on oil has no impact on global carbon emission from oil because other countries do not pay it. What would this look like on the graph. sd1 is long run domestic supply curve sd2 dometic supply curve Pw1 observed world price Pw2 includes vulnerability premium Pw3 adds in the per unit climate change damages