Suppose legislation is passed stating that a per unit tax of $.50 per gallon of gasoline must be paid by energy suppliers. Assuming demand for gasoline is more inelastic than supply of gasoline, then the economic burden of this tax? a. Will be equally experienced by energy suppliers and consumers. b. Gasoline prices will be disrupted by the tax and this disruption will harm consumers more than energy suppliers. c. Gasoline prices will be disrupted by the tax but this disruption will harm only energy suppliers since they are ordered by law to pay the tax. d. Gasoline prices will be disrupted by the tax and this disruption will harm suppliers more so than consumers.

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*29. 29. Suppose the absolute value of elasticity of demand for flat screen TVs is 3.00 and the elasticity of supply is 1.25. If there is a $50 tax imposed on all flat screen purchases, the amount of the tax burden that falls on consumers could be a. $20 b. $25 c. $300, 8000 d. $40 , 2.000 e. Cannot be determined with only this amount of information.

ces II. GRAPH ($) Price 90 $90.00 80 70 60 50 40 30 20 10 0 150.00 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Tax Burden S 8.0 9.0 off Quantity (thousands per week) SETTINGS Tax imposed on: Supply Excise Tax (0-$20) Demand Perfectly Inelastic Supply Lew Elastic CALCULATIONS No Tax With Tax Perfectly fiestic Demand Price Paid $50.00 $50.00 0.00 Relatively Perfectly Elastic Quantity 4,000 4,000

Suppose that the government wants to tax wealthy people. They notice that only wealthypeople buy yachts. So the government decides to tax yachts. Is this an effective way to tax thewealthy? Explain your answer

Considermarketforagoodcharacterizedbythefollowinginverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX.a. Compute the surplus received by consumers and producers.b. Now suppose all manufacturers of this good are to pay a lump tax of $0.10that will be used by the government regulators to defray some of the environmental cost imposed by this good’s production. What will be the new surplus received by consumers and producers?c. Based on your results in part ‘b’ above, how will you evaluate the impact of this tax policy on the society? Explain

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(a) The supply and demand equations for a good are p-2q = 1 and p+ 2q = 9, respectively. Find the equilibrium price and quantity. A percentage [of the price] tax of 100r% is imposed. Find the new equilibrium price and quantity. What fraction of the tax paid has been passed onto the consumer? (b) If an asset is purchased at some initial time t = 0 for $200 and sold at some time t > 0 in the future, the value of the sale is given by P(t) = (2t² + 14t+200)e-¹/10, dollars. Find the stationary points of P(t) and determine their nature. Should the asset be purchased and, if so, when is the best time to sell it? [Hint: The fact that e> 2.7 may be useful.]

Suppose the market for cigarette is competitive. An economist estimates the price elasticity of demand and supply for cigarette are -0.8 and 0.7 respectively.  Suppose the government imposes a per-unit tax of $45 on the cigarette sellers. By how much would buyers share the tax burden respectively? Show your calculation.

indicate whether you think the statement is true or false andexplain why.  9. Natural gas and coal are two fuels used for electricity generation and their cross-price elasticity is positive.10. A tax on gasoline will have a smaller deadweight loss if the demand for gas is inelasticthan if it is elastic.11. If the solar panel industry is competitive, the marginal firm makes zero profits in the longrun.12. The supply of goods depends on the vertical aggregation of individual demands.13. Applying dynamic efficiency to non-depletable renewable energy is not necessary becauseits quantity will not in the future.14. Given a competitive oil market and zero extraction cost, dynamic efficiency entails that thecurrent oil price equals the present discounted value of the future price.