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- 4.Which of the following will cause the supply of a product to decrease? a) governent subsidy for the product b)an increase in consumer' income c) a decrease in the price of the product d)an increase in the excise tax on the productPrice S1 20 18 16 14 12 10 SO Demand 300 400 500 1000 Quantity Suppose that the market in the graph above is at an initial equilibrium price of $10 and an equilibrium quantity of 500 units. If the government decides to add a $4 per-unit tax on this good, the equilibrium price will change to: $12 $8 $14 $4 2086 420PRICE (Dollars per pack) 50 45 TAX REVENUE (Dollars) 40 35 30 25 400 360 320 At this tax amount, the equilibrium quantity of cigarettes is government collects $ in tax revenue. 280 240 0 Suppose the government imposes a $10-per-pack tax on suppliers. 200 160 120 0 5 80 40 Supply Now calculate the government's tax revenue if it sets a tax of $0, $10, $20, $25, $30, $40, or $50 per pack. (Hint: To find the equilibrium quantity after the tax, adjust the "Quantity" field until the Tax equals the value of the per-unit tax.) Using the data you generate, plot a Laffer curve by using the green points (triangle symbol) to plot total tax revenue at each of those tax levels. 0 Demand Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 10 15 20 25 30 35 40 45 50 QUANTITY (Packs) 5 True O False Graph Input Tool Market for Cigarettes Quantity (Packs) 10 15 20 25 30 TAX (Dollars per pack) Demand Price (Dollars per pack) Tax…
- The market for cabbage shakes is given below. Price $10 $9 $8 S $7 $6 $5 $4 $3 $2 $1 D 100 200 300 400 500 Q Suppose the government imposes a $3 per unit tax on this market. a.) In response to the tax, the consumer price will rise to $ per unit. b.) In response to the tax, the price paid to producers will fall to $ per unit. c.) In this case, the incidence of this tax has the greatest impact on the (Click to select) ♥Price 20 18 16 14 12 10 х $1.200 0 300 400 500 $2.000 S1 SO Quantity Assume that the market in the graph above is at an initial equilibrium price of $10 and an equilibrium quantity of 500 units. If the government decides to add a $4 per-unit tax on this good, it will be able to collect the following amount of tax revenue: Demand 1000Price S1 20 18 16 14 12 10 8. SO Demand 300 400 500 1000 Quantity Assume that the market in the graph above is at an initial equilibrium price of $10 and an equilibrium quantity of 500 units. If the government decides to add a $4 per-unit tax on this good, it will be able to collect the following amount of tax revenue: $1,200 $2,000 O $1,600
- Price (dollars per tire) S + tax 70 60 50 40 D 30 20 10 10 20 30 40 50 60 70 Quantity (millions of tires per month) The figure above shows the market for tires. The government has imposed a tax on tires, and the sellers tax burden is A) $50 B) $10 C) $60 D) $20The following is a Table that contains the demand and supply schedules of chocolate ice-creams. Price (cents per ice-cream) $0.90 0.80 0.70 0.60 0.50 0.40 Quantity Demanded (millions per day) 1 asifWNH 2 3 4 5 6 Quantity Supplied (millions per day) 7 6 10 10 5 4 3 2 a) If there is no tax on ice-creams, what is their price and how many are produced and consumed? b) If a tax of $0.20 cents is imposed on every ice-cream consumed, what happens to the price of an ice-cream and the number produced and consumed? Illustrate the effects of this policy on the market for chocolate ice-creams. c) How much tax does the government collect and who pays it?The market for bottles of broccoli juice is given below. Price $10 $9 $8 $7 $6 $5 $4 $3 D (500, 3) $2 $1 100 200 300 400 500 Q Suppose the government imposes a $3 per bottle tax on this market. a.) In response to the tax, the consumer price will rise to $ per bottle. b.) In response to the tax, the price paid to producers will fall to $ per bottle. c.) In this case, the incidence of this tax has the greatest impact on the (Click to select) V
- The market for kaleburgers is given below. Price $10 Supply $9 $8 $7 $6 $5 $4 $3 $2 $1 Demand 200 400 600 800 1000 burgers/day Suppose the government imposes a $2 per burger tax on this market. a.) In response to the tax, the consumer price will rise to per burger. b.) In response to the tax, the price paid to producers will fall to per burger. c.) As a result of this tax, the quantity transacted will be burgers per day.7.04 Review Suppose a tax of $20 is placed on televisions. If this market's supply and demand curves' are elastic, the burden of this tax falls on: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a the sellers b the buyers both the sellers and the buyers.QUESTION 1o Governor Kathy Hochul doen not like rabbits, She has decided to institute a $50 tax on rabbits, effective immediately. The existing supply and demand for peot rabbits in NYS was as follows prior to the tax: Supply: P9+ 0.40 Demand: P-75 - 0.40 How many rabbits are sold in the state atter the tax was implemented?