Suppose the following graph depicts the supply and demand for a good after a tax is imposed. How much surplus is lost because of the tax? None Price P₁ O An amount equal to the tax. 9€ Demand Curve Tax both producers and consumer lose all surplus. Supply Curve plus tax Supply Curve Quantity Othere is no way to tell since the demand curve is odd looking.

Figure 8-8 Suppose the government imposes a $10 per unit tax on a good. Price 24 22- 20 18 Supply 16+ 14+ 12 F G 10+ H 6- 4- K M Demand 3 69 12 15 18 21 24 27 30 33 36 39 Quantity Refer to Figure 8-8. One effect of the tax is to O reduce producer surplus from $96 to $24. O create a deadweight loss of $72. O reduce consumer surplus from $180 to $72. All of the above are correct. 00 2.

Question 4 Figure #3: The graph below represents a $10 per unit tax on a good then the amount bought and sold in the market is only 4 units. Note that Q represents quantity and P represents price. P. 24 20 A 16 Supply 12 GIH 8. 4. K M Demand 4 6 10 12 14 16 Refer to Figure #3. The government collects tax revenue that is (or are) the area(s) represented by the area OF-G-L OL OB-D Oc-F

Figure 8-5 Price Pa P₁ P₂ 0 < B D 41 F -Tax- G 9₂ a. A b. C+EX C. B+C Od. D+E C E H Q₁ Quantity Refer to Figure 8-5. Assume the tax was levied on the producer. Which area represents the reduction in consumer surplus?

None

Using the supply and demand data for wheat below, what would happen if the government placed a $3 per bushel tax on wheat? Bushels demanded 45 50 56 61 67 Price per bushel $6 $5 $4 LA LA LA $3 $2 Bushels supplied 77 73 68 61 57 O the producer price would fall, the consumer price would rise, and the quantity sold would increase. The producer price would fall, the consumer price would rise, and the equilibrium quantity would fall O Both the consumer price and the producer price would rise the consumer price would rise by less than $3 while the producer price would fall by more than $3 O the equilibrium consumer price would rise by $3

The graph shows the market for basketballs in which sellers are taxed $6 a ball. Draw a shape that shows the excess burden of the tax on basketballs. The excess burden of the tax on basketballs is $ million. The supply of basketballs is more pays most of the tax. A. elastic; seller OB. elastic; buyer OC. inelastic; buyer O D. elastic; seller than the demand for basketballs, and the

Use Exhibit to answer question a. A. b. C. c. B. d. B + C + E + F. Price e. C + F. 22 PB Po Ps I FIBI U O Size of tax per unit 'm/ F If a tax is placed on the product in this market, tax revenue paid by the sellers is the area Qo Supply Demand Quantity

Question 6

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