Explanation Given information: The demand and supply curves are given by q = 100 – 2 p and q = 3 p – 50 , respectively. The equilibrium price is $30 and the equilibrium quantity is 40 units. Here, a sales tax of 5% is imposed on the supplier. Calculation: Since the 5% tax is imposed on the supplier the demand function remains the same but the new supply function becomes, q = 3 ⋅ ( 0 To determine (b) To find: The new equilibrium price and quantity. To determine (c) To find: The amount that is paid in taxes on each unit and also find the amount that is paid by the consumer and calculate the amount that is paid by the producer. To determine (d) To find: The tax that the government collects.

Applied Calculus, 6e WileyPLUS + Loose-leaf

6th Edition

ISBN: 9781119408901

Author: Deborah Hughes-Hallett, Andrew M. Gleason, Patti Frazer Lock, Daniel E. Flath

Publisher: Wiley (WileyPLUS Products)

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Question

Chapter 1.4, Problem 45P

To determine

(a)

To write:

The equation of the new demand and supply curves.

To determine

(b)

To find:

The new equilibrium price and quantity.

To determine

(c)

To find:

The amount that is paid in taxes on each unit and also find the amount that is paid by the consumer and calculate the amount that is paid by the producer.

To determine

(d)

To find:

The tax that the government collects.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 1.4, Problem 44P

Chapter 1.5, Problem 1P

Chapter 1 Solutions

Applied Calculus, 6e WileyPLUS + Loose-leaf

Ch. 1.1 - Prob. 1P Ch. 1.1 - Prob. 2P Ch. 1.1 - Prob. 3P Ch. 1.1 - Prob. 4P Ch. 1.1 - Prob. 5P Ch. 1.1 - Prob. 6P Ch. 1.1 - Prob. 7P Ch. 1.1 - Prob. 8P Ch. 1.1 - Prob. 9P Ch. 1.1 - Prob. 10P

Ch. 1.1 - Prob. 11P Ch. 1.1 - Prob. 12P Ch. 1.1 - Prob. 13P Ch. 1.1 - Prob. 14P Ch. 1.1 - Prob. 15P Ch. 1.1 - Prob. 16P Ch. 1.1 - Prob. 17P Ch. 1.1 - Prob. 18P Ch. 1.1 - Prob. 19P Ch. 1.1 - Prob. 20P Ch. 1.1 - Prob. 21P Ch. 1.1 - Prob. 22P Ch. 1.1 - Prob. 23P Ch. 1.1 - Prob. 24P Ch. 1.1 - Prob. 25P Ch. 1.1 - Prob. 26P Ch. 1.1 - Prob. 27P Ch. 1.1 - Prob. 28P Ch. 1.1 - Prob. 29P Ch. 1.1 - Prob. 30P Ch. 1.1 - Prob. 31P Ch. 1.1 - Prob. 32P Ch. 1.1 - Prob. 33P Ch. 1.1 - Prob. 34P Ch. 1.1 - Prob. 35P Ch. 1.1 - Prob. 36P Ch. 1.1 - Prob. 37P Ch. 1.1 - Prob. 38P Ch. 1.1 - Prob. 39P Ch. 1.1 - Prob. 40P Ch. 1.2 - Prob. 1P Ch. 1.2 - Prob. 2P Ch. 1.2 - Prob. 3P Ch. 1.2 - Prob. 4P Ch. 1.2 - Prob. 5P Ch. 1.2 - Prob. 6P Ch. 1.2 - Prob. 7P Ch. 1.2 - Prob. 8P Ch. 1.2 - Prob. 9P Ch. 1.2 - Prob. 10P Ch. 1.2 - Prob. 11P Ch. 1.2 - Prob. 12P Ch. 1.2 - Prob. 13P Ch. 1.2 - Prob. 14P Ch. 1.2 - Prob. 15P Ch. 1.2 - Prob. 16P Ch. 1.2 - Prob. 17P Ch. 1.2 - Prob. 18P Ch. 1.2 - Prob. 19P Ch. 1.2 - Prob. 20P Ch. 1.2 - 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(a) To write: The equation of the new demand and supply curves.

Solution Summary: The author explains the equation of the new demand and supply curves. The equilibrium price is 30.93 and the equilibrium quantity is 38.14 units

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(a) To write: The equation of the new demand and supply curves.

(b) To find: The new equilibrium price and quantity.

(c) To find: The amount that is paid in taxes on each unit and also find the amount that is paid by the consumer and calculate the amount that is paid by the producer.

(d) To find: The tax that the government collects.

Want to see the full answer?

Chapter 1 Solutions

(a)

To write:

The equation of the new demand and supply curves.

(b)

To find:

The new equilibrium price and quantity.

(c)

To find:

The amount that is paid in taxes on each unit and also find the amount that is paid by the consumer and calculate the amount that is paid by the producer.

(d)

To find:

The tax that the government collects.