Suppose the government imposes an excise tax on designer handbags. The black line on the following graph shows the tax wedge created by a tax of $80 per handbag. First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the area representing total consumer surplus after the tax. Then, use the purple point (diamond symbol) to shade the area representing total producer surplus after the tax. Finally, use the black point (plus symbol) to shade the area representing deadweight loss. PRICE (Dollars per handbag) 400 360 320 280 240 200 160 120 80 40 0 Demand Tax Wedge After Tax 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Handbags) Consumer Surplus Producer Surplus Supply Tax Revenue Deadweight Loss 0 Tax Revenue After Tax (Dollars) A Complete the following table by using the previous graphs to determine the values of consumer and producer surplus before the tax, and consumer surplus, producer surplus, tax revenue, and deadweight loss after the tax. Note: You can determine the areas of different portions of the graph by selecting the relevant area. Before Tax (Dollars) Consumer Surplus Producer Surplus Deadweight Loss

If a consumer's Engle curve for a certain product is downward sloping then (a) the product must be a normal good. (b) the product must be an inferior good. (c) the product must be a bad. (d) the product must be a neuter. +

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(c) Obviously, something is wrong. Can you explain what it is? (Hint: Think of basis, or reference. For example, if you had an investment that appreciated 100% in value one day, and you lost 100% of your investment the next, would you still have any money left?)

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Accordingtothetextbook,whichofthefollowingstatementsis(are)correct? (x)  When a taxpayer attempts to legally reduce her tax liability, she is engaging in “tax evasion” and when an individual fraudulently avoids paying taxing, she is engaging in “tax avoidance”. (y)  One tax system is considered more efficient than another if it raises the same amount of tax revenue at a lower cost to taxpayers. (z)  Part of the administrative burden of a tax is associated with the headache of filling out tax forms imposed on taxpayers who comply with the tax. (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (x) only

Exercise:  01   Issue a promissory note: ⑴Amount ￡3,026.00 ⑵Date and place of issue 8/August/2009，Guangzhou, China ⑶Tenor At 90 days after date ⑷Maker Guangdong  Imp.  & Exp. Co.,  Guangzhou ⑸Payee Chemicals Import & Export  Company London                               ⑴Drawer     Thames Enterprises Ltd., London ⑵Drawee     The National Westminster Bank Ltd.,  London ⑶Payee     Philips Hong Kong ⑷Date and place of issue     07/01/2001，London ⑸Amount     GBP79,014 Exercise:  02   Issue a check:

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(J) Everyone living in Isolation, Alaska works at one of two fish canneries for their entire life. Over a career at Placid Cannery a worker is paid $1 million and the risk of death by canning machine is 1%. At Megadeath Cannery a worker is paid $1.2 million and the risk of death is 5%. What is the value of a statistical life in Isolation? Show your work.