Refer to Figure 8-5. What would happen to total surplus in this market if a tax were imposed? Figure 8-5 Price $22 16 10 300 Quantity O It would increase by $3000. O It would fall by $1500. O It would fall by $3000. O It would increase by $1500.
Refer to Figure 8-5. What would happen to total surplus in this market if a tax were imposed? Figure 8-5 Price $22 16 10 300 Quantity O It would increase by $3000. O It would fall by $1500. O It would fall by $3000. O It would increase by $1500.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 6CQQ
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Question
I understand that total surplus is consumer surplus plus producer surplus . And I understand that deadweight loss occurs from the tax. How do I actually find the answer to this question though? How do I math it? The only equation I’ve used for this chapter so far is for the area of a triangle which ia 1/1 x B xH. 
If you could graph this out for me that would be great. I’m a visual learner
![Refer to Figure 8-5. What would happen to total surplus in this market if a tax were imposed?
Figure 8-5
Price
$22
16
Tax
10
2.
300
Quantity
O It would increase by $3000.
O It would fall by $1500.
O It would fall by $3000.
O It would increase by $1500.
.. ---](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f440a4a-a87c-43e8-9c30-e4890b6a6760%2F13e355ee-45bf-4386-8341-ec8c83caf7c6%2Fs3o227a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Refer to Figure 8-5. What would happen to total surplus in this market if a tax were imposed?
Figure 8-5
Price
$22
16
Tax
10
2.
300
Quantity
O It would increase by $3000.
O It would fall by $1500.
O It would fall by $3000.
O It would increase by $1500.
.. ---
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