(Table: Market for Fried Cheesecake) The government decides to tax fried cheesecake at a rate of $0.30 per cheesecake and collect the tax from buyers. According to the table below, after paying the tax, producers will receive S per cheesecake, and they will sell cheesecakes after the tax. Table: The Market for Fried Cheesecake Price (S/unit) 3.10. 3.20 3.30 3.40 3.50 a. 3.50, 5,000 Ob. 3.30, 7,000 OC 320, 5,000 Od. 3.10; 3,000 Quantity Demanded(units) 9,000 8,000 7,000 6,000 5,000 Quantity Supplied (units) 3,000 5,000 7,000 9,000 11,000

(Table: Market for Fried Cheesecake) The government decides to tax fried cheesecake at a rate of $0.30 per cheesecake and collect the tax from buyers. According to the table below, after paying the tax, producers will receive S per cheesecake, and they will sell cheesecakes after the tax. Table: The Market for Fried Cheesecake Price (S/unit) 3.10. 3.20 3.30 3.40 3.50 a. 3.50, 5,000 Ob. 3.30, 7,000 OC 320, 5,000 Od. 3.10; 3,000 Quantity Demanded(units) 9,000 8,000 7,000 6,000 5,000 Quantity Supplied (units) 3,000 5,000 7,000 9,000 11,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume the government imposes a $0.75 excise tax on the sale of every 2 liter bottle of soda. The tax is to be paid by the producers of soda. The figure below shows the annual market for 2 liter bottles of soda before and after the tax is imposed. Price (per bottle) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 Market for Soda 2 3 1 5 6 S Quantity (billions of bottles) S 0 7 8 Instructions: Round your answers for price to 2 decimal places. Enter your answers for quantity as a whole number a. Before the tax is imposed, the equilibrium price is $ per bottle and the equilibrium quantity is b. After the excise tax is imposed, consumers pay a price of $ c. After the excise tax is imposed. the price (or amoum) producers keep after the tax is paid is $ d. After the tax is imposed, the equilibrium quantity is billion bottles. e. The government is able to collect $ billion of tax revenue from the tax per bottle per bottle billion bottles.
Assume the government imposes a $0.75 excise tax on the sale of every 2 liter bottle of soda. The tax is to be paid by the producers of soda. The figure below shows the annual market for 2 liter bottles of soda before and after the tax is imposed. Price (per bottle) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 Market for Soda 2 3 1 5 6 S Quantity (billions of bottles) S 0 7 8 Instructions: Round your answers for price to 2 decimal places. Enter your answers for quantity as a whole number a. Before the tax is imposed, the equilibrium price is $ per bottle and the equilibrium quantity is b. After the excise tax is imposed, consumers pay a price of $ c. After the excise tax is imposed. the price (or amount) producers keep after the tax is paid is $ d. After the tax is imposed, the equilibrium quamtity is billion bottles. e. The government is able to collect $ billion of tax revenue from the tax per bottle per bottle billion bottles.
The government of a small country is considering the introduction of a unit subsidy on the production of organic meat as its consumption has been proved to have health benefits. The effect following the introduction of the tax is shown in the graph below. Price per pound of organic meat £28 S1 £24 £20 £17 D Quantity of pounds of organic meat 8,200 10,500 22,000 2. Calculate the unit subsidy on organic meat and the totalamount spent by the government on subsidising its production. You are required to show your workings
On June 2, 2008, the State of New York imposed a tax of $1.25 per pack of cigarettes. Prior to the tax, the market price was $5.82 per pack and there were 1 million New York smokers. Assume that each smoker consumes one pack of cigarettes per day. After the tax, N.Y. Health Commissioner estimated that 140,000 people stopped smoking and the market price of cigarettes increased from $5.82/pack to $6.57/pack. Calculate the price elasticity of demand based on these estimates and assumptions.
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Figure: The Market for Lattes Price (per latte) $4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 200 S D 1,800 600 1,000 1,400 Quantity of lattes (in cups) 2. Figure: The Market for Lattes) If the government assesses a tax of $0.75 on sellers of lattes, a. What is the consumer price and producer price after tax was imposed? b. What is the new PS?
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Table: The Market for Chocolate-Covered Peanuts Price (per bag) $0.90 0.80 0.70 0.60 0.50 0.40 0.30 Quantity Demanded (bags per month) 70 105 140 175 210 245 280 Quantity Supplied (bags per month) 280 245 210 175 140 105 70 (Ref 6-4 Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for Chocolate-Covered Peanuts. A surplus of per bag. 210 bags of chocolate-covered peanuts per month exists if the price is O a. $0.80 O b. $0.90 c. $0.40 O d. $0.60
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Price (dollars per gallon) S2 $5.50 3.50 2.50 D Quantity (millions of gallons per month) 30 40 45 Assume the graph above illustrates a new tax put into the market for soft drinks. S2 is the supply curve with the $2 tax in place. What price would consumers pay if the tax was placed on consumers instead of producers? 1) $2.00 O 2) $3.50 3) $2.50 4) $1.50
Price (dollars per pizzo) 20 18 16 14 12 10 8 aa 6 4 NA 2 S+ tax on sellers S 0 10 20 30 40 50 60 70 80 90 100 Quantity (thousands of pizzas) The figure above shows the pizza market in the city of Pepperoniville. If the government imposes the sales tax shown in the figure on sellers, then the tax revenue is $[value1]. Just enter value. Do not include the "$" sign.